Ageas Protect has reported a £2.9m pre-tax loss for the first nine months of the year, compared to a pre-tax profit of £300,000 for the same period last year.
The company says the performance is in line with expectations and reflects the costs of financing the continued growth of the business and a competitive market. It reported new annual premiums of £22.9m between January and September 2013, down 11 per cent on £25.6m for the period last year.
It says this is down to a subdued protection market following the introduction of the EU gender directive and tax changes at the end of last year.
Ageas Protect’s gross written premiums were up by 35 per cent, however, at £67.2m compared to £49.7m for the first nine months of 2012.
Its parent Ageas UK reported a pre-tax profit of £93.3m for the first nine months of 2013.
Ageas UK chief executive Andy Watson says: “Our promise to offer more products to more brokers remains important to us and we will continue to focus on supporting brokers through a difficult trading environment.”
Plan Money director Peter Chadborn says: “Ageas Protect’s performance seems to be in line with the rest of the market and may be due to the downturn in rebrokering caused by the gender directive.”