Turnover and profit drop at Ageas Retail in 2022
Turnover at broker Ageas Retail, which includes the Ageas Direct and Rias brands, fell in 2022 to £73.27m from £76.44m the year before.
Income at the business, which also encompassed the affinity deal with Age UK, was split broadly 50% motor, 30% household and 20% add-on products.
The Ageas Direct and Rias brands sell motor and home products wholly underwritten by Ageas Insurance. Pet insurance is also sold through the Ageas Direct brand, however this is underwritten by West Bay Insurance.
A spokesperson for the firm told Insurance Age: “The reduction in revenue was a direct result of our decision to maintain underwriting
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