Ageas increases profit four fold in first half of the year
Ageas has delivered a remarkable turnaround in its profits for the first half of the year but its combined ratio remains stubbornly above 100%.
Total income at the insurer was up 84.5% to £882.0m (H1 2010: £478.1m) compared to same period 2010, the majority of which came from the non-life part of the business - gross written premiums up 84.2% to £ 862.8m.
Income in the retail businesses more than doubled to £109.4m and protection gross written premium almost doubled to £19.2m.
On this income, Ageas reported profit before tax of £35.4 m, a four-fold increase on last year (H1 2010: £8.4m). Although it has improved this year, the overall
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