Ageas loses £16.6m in general insurance
Ageas UK has announced a loss in its general insurance book despite growth in both personal and commercial lines.
Overall the group lost £24.8m despite a 27.2% increase in total income to £1.04bn. The insurer stated that without the impact of severe weather and one-off costs, including the start up costs of the partnership with Tesco Bank and the acquisition of Kwik Fit Insurance Services, it would have posted a pre-tax profit of £51.5m (2009: £17.3m).
In non-life business Ageas declared a 14.9% hike in gross written premiums (GWP) to £925.1m.
Household and travel books grew to £239.9m and £57.4m
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