Ageas UK records 3% profit uptick for 2013
Insurer's combined operating ratio improves to 98.4%.
Ageas UK saw its net profit tick up 3% to £85.2m for 2013 from £82.9m recorded the previous year.
The insurer's combined operating ratio (COR) improved marginally to 98.4% from 99.8%, with total income edging up 5.2% to £2.1bn from 2012's £2bn.
While non-life gross written premium (GWP) grew by 6.3% coming in at £1.8bn, total inflows from its retail businesses dropped 13.2% to £177m.
Ageas said this reflected a "tough and highly-competitve" environment as net profit dropped to £10.5m (FY 2012:
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