Ageas Protect has posted a pre-tax loss of £1.1m in the first half of 2011, compared to a £2m loss in the same period in 2010.
Ageas UK’s results for H1, published today, show the group saw a £35.4m pre-tax profit overall, up from £8.4m in 2010.
Ageas Protect, formerly Fortis Life, saw gross written premiums almost double from £9.8m in 2010 to £19.2m in 2011. New annual premiums increased from £10.6m to £14.1m.
Ageas says it now has a 7.3 per cent IFA market share in protection, up from 6.4 per cent in Q1, 2011 and 4.8 per cent in Q2, 2010.
Ageas Protect recently announced new distribution partnerships with the BGL Group and Asda.
Ageas UK chief executive Barry Smith (pictured) says: “New life protection partnerships have enhanced our distribution capability, complementing our growing independent financial adviser channel.”