Ageas UK has seen its pre-tax profits surge 480 per cent from £3.8m in Q1, 2011 to £22m in the first quarter of this year.
Ageas UK’s Q1 results, published today, show total inflows were up 11 per cent to £513m this year, compared to £462m in 2011.
Ageas Protect reported a pre-tax loss of £400,000 in Q1, compared to a pre-tax loss of £800,000 in 2011.
Ageas Protect saw gross written premium inflows increase 71 per cent, up from £8.8m in 2011 to £15m this year.
Ageas UK chief executive Barry Smith says: “I am really pleased with progress in the first few months of 2012 in what is typically a tough quarter. We continue to build on our transformational growth of 2011 with strong increases in income and profit.
“The market is not without its challenges given the current economic and regulatory environment but our balance of underwriting and distribution across Ageas UK means that, overall, we are in good shape to continue to deliver profitable growth.”