Watson blames Ageas profit fall on motor book
Ageas UK CEO, Andy Watson, discusses the issues impacting the provider's 2019 results and recent changes in its broker business.
Ageas UK’s 2019 results were impacted by claims inflation and unexpected large losses in its motor business, according to chief executive officer Andy Watson.
The provider reported a 21% fall in net profit to £60.3m along with a deteriorated combined operating ratio of 98.7% in 2019.
Motor
Watson told Insurance Age: “The overall impact is coming from the motor account and this is because of two things.
“The first is that we’ve seen an increase in attritional claims and this inflation has been
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Broker’s emails defeat negligence claim
- Academy strikes deal to buy Premierline from Allianz
- FCA warns of Admiral clone