Results season continues with Ageas UK among the latest to reveal how they fared in the first three months of the year.
The general insurer, which recently completed the sale of its Tesco Underwriting stake, announced that Ageas UK’s result after tax in the quarter amounted to £14.2 million. The figure represents a leap from the £0.5 million posted in the same period in 2020.
Gross written premium, meanwhile, stood at £293 million. Of this total, £168.1 million came from motor; £77.9 million, household; and £47.1 million from other classes including commercial lines.
In its trading update, Ageas UK asserted: “We are transforming at pace to become a focussed leader in our chosen markets by being smarter, faster, and more affordable.
“Our focus is to double down on our historic heartland, growing personal lines business via brokers and aggregators, particularly where it is an electronically traded business.”
Additionally, it was noted that investment will mainly go towards “growing our technical engine room” in the areas of underwriting, pricing, fraud, actuarial, and claims handling. Processes will also be automated and simplified as part of the insurer’s low-cost push.
“As we all emerge from the third national lockdown, we reflect on the continuing challenges presented by the pandemic, and take pride in our response to supporting customers, brokers, and colleagues while also managing a dynamic market environment,” said chief executive Ant Middle (pictured).
“I’m pleased we can report a solid quarter in terms of financial performance. We’re in good shape as we look ahead to delivering our new strategy with pace and enthusiasm.”
Middle, whose camp provides insurance to more than five million customers, noted that Ageas UK has clear plans and that the business is sharpening its competitive position and investing in the capabilities that matter.