GWP and revenue fall at Ageas UK in H1 2018
Provider also posts profit increase and an improved COR of 99%.
Ageas UK has posted a significant net profit rise for the first half of 2018 to €31m (£27.8m) from €11m in H1 2017.
However, revenue for the provider, including Tesco Underwriting, fell to €921m for the six month period compared to €1.1bn in H1 2017.
The insurer stated that this reflected “focus on pricing and underwriting discipline in a softening motor market”.
Meanwhile its combined operating ratio (COR) returned to pre-Ogden levels at 99% (H1 2017: 105.7%).
Total gross written premium
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