Significant scale change pleases Ageas chief
Barry Smith, chief executive of Ageas UK, has claimed the insurer is on track to break the 100% combined operating ratio (COR) barrier but warned again that he saw no real signs of commercial market hardening.
Speaking after the company delivered £882m in income for the first half of 2011 and profit before tax of £35.4m, he told Insurance Age: "I'm really pleased. What is encouraging is we see a significant change both in terms of the scale of the business and the profitability. That is probably a comment on all aspects of what we do."
Ageas Insurance reported a COR of 100.5% (H1 2010: 106.5%) but Mr Smith indicated he was confident of achieving a double digit figure soon.
"If you take the quarter two
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