Ageas returns to profit despite 104.6% COR
Ageas Insurance has revealed profit before tax of £3.9m for the first quarter of 2011, a £9.2m improvement over the equivalent quarter in 2010.
Group profit before tax was £3.8m with total income up 75% to £411m.
The insurer said its total non-life gross written premiums (GWP) increased by 16.7% compared to the first three months of 2010 to £269m. It cited continued development of personal and commercial lines portfolios as the reason for the rise.
The combined operating ratio also improved to 104.6% (Q1 2010: 110.2%) which included higher than anticipated prior year escape of water claims which added 17.5% to the household COR in the
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