Ageas Protect has reported a £3.9m pre-tax loss for 2013, up from a £4.9m pre-tax loss in 2012.
In its annual results, published today, the protection provider says the figure is in line with expectations and reflects the costs of financing the continued growth of the business.
The provider says it now protects around 305,500 lives, an increase of 15 per cent compared to 2012.
Its gross written premiums rose by 32 per cent, from £69.4m in 2012 to £91.8m in 2013.
Ageas Protect’s new annual premiums fell, however, by 17 per cent. Premiums dropped from £36.1m in 2012 to £30.1m in 2013.
The provider says this reflects a continued subdued market in individual protection.
Ageas UK reported a pre-tax profit of £110.1m for 2013, down by 6 per cent on the pre-tax profit of £117.6m it reported for 2012.
Ageas UK chief executive Andy Watson says: “It’s been another good year for Ageas, delivering improvements in our income, [net] profit and combined ratio.
”The integration of Groupama Insurance has gone very well and we’re delighted that brokers are able to take advantage of the wider product choice now available to them.”
Ageas Protect launched in 2008.