Ageas UK’s protection business up 89%

Ageas UK says it has written 89.4 per cent more protection business in 2011 than it did the year before.

Gross written premiums increased to £44.6m, up from £23.6m the year before, while new annual premiums are up 37 per cent to £30.9m, up from £22.7m the year before.

Ageas says it now has an 8.1 per cent market share in the protection space, up from 6.4 per cent the year before.

Non-life gross written premiums are up 70.1 per cent to £1.7bn, compared to 2010.

Ageas UK reported a pre-tax profit of £105m for the year ending December 31, an improvement on the pre-tax loss of £24.8m in 2010.

Ageas UK chief executive Barry Smith says: “Overall, it has been a very pleasing year and the successes we have achieved position us well for the future. As ever, we remain focused on delivering another successful result during 2012.”