Ageas UK profits hit by June flash floods
Group’s 2016 half year COR breaks through 100% barrier.
Ageas UK has reported an 8% fall in profit for the first half of 2016 citing the financial impact of floods and increased weather claims this summer.
Ageas' profit after tax for the six months came in at £27.1m, compared to £29.5m in the same period a year ago.
Flash floods
Additionally, its half year combined operating ratio (COR) increased to 100.1% (H1 2015: 98.6%), which the provider said included a 2% hit from the summer's flash floods and storms.
Andy Watson, chief executive of the insurer
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