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Ageas Protect narrows losses to £4.9m

Ageas Protect has posted a pre-tax loss of £4.9m for 2012 as a surge in gross written premiums helped the company narrow its losses.

Ageas Protect, which launched in 2008, made a pre-tax loss of £5.2m for 2011.

Gross written premiums rose 56 per cent to £69.4m from £44.6m in 2011 while new annual premiums increased 17 per cent to £36m from £30.9m the previous year.

Overall Ageas UK made a pre-tax profit of £122m for 2012, up 16 per cent from £105m the previous year.

Total income increased 2 per cent to £2bn from £1.9bn in 2011 and non-life gross written premiums were up 1 per cent to £1.1bn from £1.07bn in 2011.

Ageas UK chief executive Andy Watson says: “Our continued strategy of offering a wider range of products through our brokers, partners, independent financial advisers and clients continues to pay off.

“While the market is not without its challenges our breadth of distribution, strong partnerships and reputation for service excellence gives us confidence that we will continue to build momentum during 2013.”

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