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Ageas pre-tax profit up 18% despite protection losses

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Ageas UK has reported a 18 per cent rise in pre-tax profits in the first quarter, from £22m in 2012 to £26m this year, as the firm’s protection arm recorded a loss of £306,000.

Ageas Protect’s £306,000 Q1 pre-tax loss represents a small improvement on the previous year, when it made a loss of £436,000.

Gross written premiums at Ageas Protect increased 41 per cent, from £15.1m to £21.2m, while new annual premiums dropped 5.3 per cent, from £9m to £8.5m.

Ageas says this reflects a subdued market following gender pricing and tax changes at the end of last year.

Ageas UK chief executive Andy Watson says: “Our acquisition of Groupama Insurances is beginning to have a positive impact on our result and the integration process is going well. 

“There are some market-wide challenges, particularly in motor where premiums are reducing, which is having an impact on income.

“Our focus continues to be on disciplined underwriting, creating long term, sustainable returns for Ageas and our brokers, clients and partners.”

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