Ageas protection business continues growth

Ageas Protect has seen its protection business almost double over the first three quarters of the year although it is yet to reach profitability.

However the provider did halve its loss from £3.3m to £1.6m over the year to the end of September.

Gross written premiums reached £31.3m (up from £16m) while new annual premiums rose 77.3% to £23.4m from 13.2m.

It also boasted an increased IFA market share of 7.8%, up from 5.1% at September last year.

Expansion in affinity partnerships also accounted for a 69% growth in client numbers to over 170,000 customers.

Overall, total income, including the general insurance business, was up 88.6% to £1.358bn compared to £720m in Q3 2010.

Total pre-tax profits also rose sharply to £78.3m from £16.6m.

Barry Smith, chief executive of Ageas UK, said: "I'm very pleased that the positive momentum we created earlier in the year has continued into the second half of 2011.

"Transformational growth is being accompanied by a rise in profits and an improvement in combined ratios.

"This was always going to be an important year for Ageas UK as we make a step change in the expansion of our business and today's results are a real credit to our team," he added.