Ageas confirms €23m December freeze hit as UK GWP drops
Ageas has reported an 11% fall in UK gross written premiums in 2022.
The insurer detailed that UK GWP fell to €1.27bn (£1.18bn) in 2022.
It is no longer supplying a breakdown of UK results, but the group figures revealed a €23m hit from the December freeze in the UK.
The provider explained that the UK GWP drop was due to “pricing discipline being applied in response to the inflationary environment, and non-core run-off portfolios exited in line with focused UK strategy”.
In 2022, Ageas sold the renewal rights to UK commercial business to Axa in a £47.5m deal.
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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
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. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
FCA makes “significant changes” to ‘name and shame’ proposals
The Financial Conduct Authority is making four “significant changes” to its initial transparency proposals labelled ‘name and shame’.
Policy Expert strikes £1bn co-insurance deal with Bridgehaven and Accredited
Personal lines specialist Policy Expert has added a second capacity provider in Bridgehaven as part of a new co-insurance arrangement with existing backer Accredited.
Analysts point to 265p per share to sweeten Aviva-DLG deal
Experts from Peel Hunt have labelled Aviva’s 250p per share approach for Direct Line as a “reasonable offer” adding there is “scope to sweeten the bid to 260-265p”.
Polaris at 30 – Derek Cowie
Derek Cowie started working at General Accident (now Aviva) in 1992. Polaris was founded in 1994 launching digital trading platform imarket in 2004.
Ex-LV boss Mike Crane joins Axa Commercial as director
Axa Commercial has appointed Mike Crane as SME & Specialty director to take up the role at the beginning of January next year.
Clegg Gifford to close offices due to Markerstudy duplications
Markerstudy is set to close some Clegg Gifford offices, but will maintain the branch footprint on the back of duplications following the Atlanta merger.
Polaris at 30 – Theo Duchen
Acturis Group co-CEO Theo Duchen delivers the third Q&A of the Polaris at 30 series and details the collective goal that would put “the UK light years ahead of any other market”.
Ex-Accredited boss Johnson joins Hadron
Former CEO of Accredited Insurance (Europe), Colin Johnson, has joined Hadron as CEO of international operations.