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Ageas Protect first-half losses down to £1m

Ageas Protect made a loss of £1.1m in the first half of this year compared with a £2m loss in the same period in 2010.

Ageas UK recorded an overall profit of £35.4m compared with £8.4m.

Ageas Protect, formerly Fortis Life, saw gross written premium inflows almost double to £19.2m from £9.8m and new annual premiums increase to £14.1m from £10.6m.

Ageas says it has a 7.3 per cent IFA market share in protection, up from 6.4 per cent in the first quarter of this year and 4.8 per cent in the second quarter.

Ageas Protect recently announced two new distribution partnerships. In July, it launched a level-term life cover product for BGL Group customers and last month it partnered with Asda to set up a guaranteed life cover product.

Ageas UK chief executive Barry Smith says: “New life protection partnerships have enhanced our distribution capability, complementing our growing independent financial adviser channel.”

Plan Money director Peter Chadborn says: “I am impressed to see steady growth at Ageas Protect, which is not surprising given the quality of its products. Ageas could perform even better if it is more open-minded and flexible about the different ways that IFAs write business.”

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