Strong first quarter down to Groupama acquisition, says Ageas

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Ageas has put a strong first quarter down to acquisition of Groupama Insurances, with business results showing a rise in profits.

Net profit for the first quarter of this year was up 38.0% to GBP 19.4m compared to GDP 14.1m in 2012; overall combined ratio was at 99.9% comparing to 102.3% in 2012.

But the provider also reported flat total income down 0.3% on 2012 citing the "increasingly competitive market" as the reason.

Non-life gross written premiums (GWP) and total inflows from retail businesses were down 0.7% and 8.9% respectively, while protection GWP was up 41.3%.

Ageas said the integration programme to merge Groupama Insurances into Ageas was "on track and progressing well", with more products available to more brokers.

Andy Watson, chief executive of Ageas UK, said: "It's very pleasing to see the strong rise in our profits and an overall improving performance in our combined ratio, in what is typically a tough first quarter for the industry. Our acquisition of Groupama Insurances is beginning to have a positive impact on our result and the integration process is going well.

"There are some market-wide challenges, particularly in Motor where premiums are reducing, which is having an impact on income."

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