View more on these topics

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 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.”

Recommended

FSA set to answer more adviser FAQs on RDR

The FSA is to publish a second factsheet setting out the answers to advisers’ most frequently asked questions about the RDR. The regulator laid out its position in January on some of the broader RDR implementation questions that cropped up most often at recent compliance and risk awareness seminars. Its latest factsheet, due to be […]

Advisers question IMA’s absolute return sector plans

Advisers have questioned whether the Investment Management Association’s decision to rename the absolute return sector as the “targeted absolute return sector” will benefit investors. The IMA has defined the targeted absolute return sector as funds managed with the aim of delivering positive returns in any market conditions, but returns are not guaranteed. Funds in the […]

Money Marketing to run business model roadshows

Money Marketing is holding a series of free roadshows with a number of product providers, investment houses and platforms to help advisers manage post-RDR concerns within their business. The four events will occur throughout March in Bristol, Manchester, Birmingham and London. The events are designed to provide practical insight and ideas for advisers on running […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com