Ageas UK reveals 21% net profit fall
CEO Andy Watson says results were driven by difficulties in the motor market.
Ageas UK’s net profit for 2019 fell by 21% to £60.3m in 2019, according to its financial results for the year.
In 2018, the provider posted a net profit of £76.7m, a jump on 2017’s £25.4m.
The business also revealed an increased combined operating ratio of 98.7%, compared to 96.8% in 2018 and gross income of £1.52bn (2018: £1.57bn).
Gross written premium in the general insurance division remained relatively flat at £1.21bn in 2019 (2018: £1.23bn).
Motor
Splitting the numbers up into
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