Ageas sees profits soar as ratio improves
Ageas UK has announced an 11.1% increase in income to £513.3m in the first quarter of 2012 compared to the same period last year.
Profits also increased to £22m (Q1 2011: £3.8m) with the overall combined ratio improving to 102.3% from 106% in the first three months of 2011.
Non-life business at Ageas Insurance increased by 11.5% in terms of gross written premium to £300m with private car business up 30.3% to £153m. The insurer's motor combined ratio strengthened to 95.5% (Q1 2011: 97.3%).
However household income fell to £74.4m from £82.2m the previous year, which the provider said was due to pricing action which had
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