Profits slip but revenue up at Ageas Retail in 2024
Ageas Retail, the insurer’s wholly owned broking subsidiary with trading names including Ageas Direct and RIAS, saw post-tax profits fall 23% to £5.03m last year.
The decline at the mainly home and motor insurance broker came despite revenue growing 4% year-on-year to £78.41m. This built on a 3.1% rise in 2023.
The latest results, released in a filing at Companies House, showed the rising revenue was more than offset by an increase in operating expenses.
The expense ratio – total expenses (cost of sales and administrative expenses) as a percentage of total revenue – slipped by 2.7 percentage points to 86.1%.
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