Strong market competition dents Ageas total income
Ageas UK has reported a 38% increase in net profit to £19.4m for Q1 2013 (Q1 2012: £14.1m) while the combined operating ratio improved to 99.9% (Q1 2012: 102.3%).
The insurer blamed a 0.3% fall in total income to £511.3m on increasing competition in the market.
Non-life gross written premiums were down 0.7% £442.4m, while total inflows from its retail businesses fell 8.9% to £47.7m.
Andy Watson, Ageas UK chief executive commented: "It's very pleasing to see the strong rise in our profits and an overall improving performance in our combined ratio, in what is typically a tough first quarter for the industry.
"Our acquisition of Groupama Insurances is
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