Ageas sees H1 2019 profit rise 70% after Ogden boost
UK CEO Andy Watson says insurer is to focus on growth after restructuring and exiting unprofitable schemes, as he discusses why he does not think the government has "covered itself in glory" when setting the new discount rate.
Ageas UK has revealed a 70% rise in net profit to £45.4m for the first six months of 2019 (H1 2018: £26.8m).
The provider also posted an improved combined operating ratio (COR) of 96.9%, compared to 99.0% in H1 last year.
Ageas UK chief executive officer Andy Watson said the rise in profit was a result of a one-off benefit following the change to the discount rate from -0.75% to -0.25%.
“At the end of the year we were still reserved in line with a -0.75% discount rate and that change to -0.25
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