Ageas commercial COR improves to 104.1%
Ageas UK has revealed that its commercial business produced a combined operating ratio of 104.1% for the first three months of 2012.
The figure, an improvement on its 110.9% performance for the whole of 2011, came as the insurer reported non-life insurance profits rising to £18.8m and gross written premiums reaching £300m in its first quarter of 2012 results.
Barry Smith, chief executive at Ageas UK, told Insurance Age: "Our commercial lines combined ratio this year is 104.1%. We are encouraged by the improvement in the COR."
He listed fleet, packages and commercial vehicles as areas where the insurer was seeing progress
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