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Ageas Protect cuts losses as IFA market share grows

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.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Not interested thanks 30th August 2011 at 8:09 pm

    Is this because Aegas want to put more policies through without GPR though as it has specifically targeted over the last few years? Our rep’ told us the %age they want with NO GPR (medical history checks), well ….. this will save costs up front but what about claims?

    Will they agree claims without question if there is no GPR reviewed at application stage? Or will they THEN rely on disclosure? This unfortunately is too soon to confirm as they have no real claims data as yet.

    This really means though that brokers, who get fed up with GP’s taking sometimes months to prepare and return the medical reports, have an easy option to place with a provider that WANTS to get as much through without GPR. Aegas has the same sort of products, nothing spectacular as everyone else, so how come the huge increase?

    Oh, and of course I am sure it is nothing at all to do with the broker who then gets paid quicker! Call me synical, but I have seen and heard what has been said in the past from all parties.

    Good luck when the claim comes in, personally I’d want a policy with someone who does check things out and has a long term claims history! Sorry Aegas, my opinion.

  2. Firstly its too easy to criticise a new insurer on claims stats when they’re too young to be able to demonstrate meaningful claims experience. Most new insurers who have launched in the last ten years have been given around five years before they were expected to publish claims stats by wiser advisers in the industry. Why should Ageas Protect be any different? Give us a chance!

    Secondly Ageas Protect are not the only provider to reduce the industry’s reliance on GP reports, IFAs such as Lifesearch praise our underwriting system as it gets better quality information, not worse, than GP reports. I’ve seen some GP reports that look like a til’ receipt from a supermarket. Is saving advisers time and money really such a bad thing? The better quality disclosures should come through over time…

    Thirdly I’m always a bit disappointed when I see an anonymous posting on here, but I might be accused of being ‘cynical’ for saying that I guess? Please feel free to say who you are if you would like a proper chat at any point!

    Regards,

    Andy

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