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Ageas UK reports 81 per cent profit growth

Ageas UK has seen its pre-tax profits surge 81 per cent over the first half of the year.

The group’s half year results show pre-tax profits of £64.1m in the first six months of 2012, compared £35.4m in the equivalent period in 2011.

Ageas UK chief executive Barry Smith says: “We continue to deliver on our consistent multi-distribution and product strategy and I’m particularly pleased with our strong profit and combined ratio performance in the first six months of 2012.

“This builds on the significant scale change of the Ageas business over the last year. Our ethos is to deliver results by working in partnership with our brokers, advisers and clients and to provide them with customer service well above market norms. This focus will continue.”

Total income increased by 5.6 per cent to £1.04bn, £105m of which is attributed to inflows from the retail businesses.

Non-life Gross Written Premiums rose 5 per cent to £906.3m, protection GWP was up by 64.8 per cent to reach £31.6m and premiums rose 21.2 per cent to £17.1m

Tesco Underwriting, the motor and household insurance partnership with Tesco Bank generated GWP of £317.3m during the first half of the year. Ageas owns a 50.1 per cent stake in the business.

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