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 in 2011.
Gross written premiums rose 56 per cent from £44.6m to £69.4m, while new annual premiums increased 17 per cent from £30.9m to £36m last 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, up from £1.9bn in 2011.
In September, Ageas acquired Groupama Insurance Company Limited for £116m. GICL offers a range of car, motorcycle, home, travel, personal accident and commercial insurance in the UK.
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.”
Axxis Financial Planning director Owen Wintersgill says: “Even though Ageas Protect has reduced its losses I would still be concerned by losses of £4.9m. This could be down to its products being a bit niche to really get a lot of traction in the market.”