Record insurance profit at Ageas as group COR stays flat
Ageas UK has reported non-life income of £1.74bn for 2012, up from £1.72bn in 2011 as its combined operating ratio remained stable at 99.8% (2011: 99.9%).
The provider listed that gross written premiums for Ageas Insurance increased by 2.9% in the period to £1.1bn from £1.07bn the year before.
Income in motor grew by 12.1% to £617.6m while the household line saw a decline of 8.1% to £275.5m which the insurer described as being due to "deliberate pricing action taken to improve profit performance".
Meanwhile commercial lines income edged down to £118.4m (2011: £120.6m).
The overall net profit for Ageas Insurance was up 13.6% to a record £56.3m
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