Watson blames Ageas profit fall on motor book
Ageas UK CEO, Andy Watson, discusses the issues impacting the provider's 2019 results and recent changes in its broker business.
Ageas UK’s 2019 results were impacted by claims inflation and unexpected large losses in its motor business, according to chief executive officer Andy Watson.
The provider reported a 21% fall in net profit to £60.3m along with a deteriorated combined operating ratio of 98.7% in 2019.
Motor
Watson told Insurance Age: “The overall impact is coming from the motor account and this is because of two things.
“The first is that we’ve seen an increase in attritional claims and this inflation has been
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