Ageas confirms €23m December freeze hit as UK GWP drops
Ageas has reported an 11% fall in UK gross written premiums in 2022.
The insurer detailed that UK GWP fell to €1.27bn (£1.18bn) in 2022.
It is no longer supplying a breakdown of UK results, but the group figures revealed a €23m hit from the December freeze in the UK.
The provider explained that the UK GWP drop was due to “pricing discipline being applied in response to the inflationary environment, and non-core run-off portfolios exited in line with focused UK strategy”.
In 2022, Ageas sold the renewal rights to UK commercial business to Axa in a £47.5m deal.
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