Provider posted rising revenues in both commercial and personal lines.
Ageas UK CEO, Andy Watson, discusses the issues impacting the provider's 2019 results and recent changes in its broker business.
CEO Andy Watson says results were driven by difficulties in the motor market.
The division, which includes its UK business, also saw an improved combined operating ratio of 95.4%.
Executive chairman Ashwin Mistry says firm's income and GWP have been impacted by broker members selling up.
Firm reveals an increase in turnover but a drop in Ebitda for the year as it lists consolidation and Brexit as challenges affecting the business.
UK CEO, Tulsi Naidu, says provider has seen growth in its broker business as it reports rise in GWP and an improved COR.
Turnover remained flat at the franchise business.
Broker posted rises in income and Ebitda of 10.5% and 11.7% respectively.
CEO Andrew Horton says provider is committed to regional brokers through its Birmingham office despite recently pulling out of UK regional marine.
Financial results also show that revenue grew 10.2% at Marsh in 2019.
Broker also posts rise in revenue for the year as CEO Greg Case says business saw its strongest level of organic growth in over 15 years.
Profit for the broking segment grew by 25%.
Broker’s trade and assets will be integrated as part of Marsh in April or May 2020.
Provider states 60% of new customers are choosing its three-year fixed price product as it publishes trading update for the last six months.
CEO David Howden says revenue and GWP increases for 2019 were driven by organic growth as the broker reveals it is looking at 20 acquisition targets.
Trading update reveals provider has restated its operating profit from £125m to £110m – a drop of 12%.
Broker credited growth to renewable energy, social housing, and food and drink.
CEO Chris Rolland had warned commentators of short-term disruption back in 2018.
Total covers 10 businesses that the group bought in the year to 31 March 2019.
Losses went down for the motor provider in final full year results ahead of Policy Expert buying the broker in June 2019.
Accounting procedures and acquisition costs blamed as turnover and operating profit grow 48% and 173% respectively.
The organisation reported a loss in the year due to costs relating to the PIB deal but all other metrics showed growth.
Financial results filed for 2019 show the impact of the company’s acquisitive streak.