Profits up at Ageas UK but income and COR slip in 2021
Insurer saw growth in home business but motor gross written premium fell to £676.5m.
Ageas UK has reported a 1.7% drop in GWP to £1.21bn last year from £1.23bn in 2020.
The provider’s combined operating ratio worsened year-on-year from 95.2% to 96.2% however the net result showed a substantial improvement.
Profit rose by 14.6% to £52.1m.
In July, CEO Ant Middle told Insurance Age that the business was restructuring to become a more “focused” organisation and targeting growth over four years to £1.5bn with a COR of 95%.
The firm updated that the first full-year results since
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