Ageas Protect has reported a 35.4% increase in total Gross Written Premiums (GWPs) in the first nine months of this year amid a 'continued subdued market.'
The protection arm of Ageas UK continued to grow with total GWPs inflow increasing by 35.4% to £67.2 million (9M 2012 £49.7 million).
However new Annual Premiums decreased by 10.5% to £22.9 million (9M 2012 £25.6 million.)
The insurer said this reflected "a continued subdued market" following Gender Pricing and Tax changes at the end of last year and distribution changes brought about by the Retail Distribution Review.
The company now protects over 296,000 lives, an increase of 20% compared to the same period last year.
Ageas Protect also had had a post tax result of -£1.5 million compared to £0.3 million for the same period last year.
The company's statement said this was in "line with expectations, recognising the costs of financing the continued growth of the business and a competitive market."
Across Ageas UK the company delivered an increase in overall net profit, up 5.6% to £73.7 million (£69.8 million 9M 2012).
Total income was up 6.0% at £1,627.2 million (9M 2012 £1,535.9 million) with the inclusion of Groupama Insurance Company Limited offsetting a "tough trading environment in Retail, and more generally in Motor where premiums are down 14% year-on-year across the market."
In addition, Ageas Retail's over 50 brands, RIAS and Castle Cover, revealed an additional £6.8 million in premiums (compared to the previous year) since moving its underwriting to Ageas Insurance in August 2013.
Ageas said this is a reflection of it "strengthening its position in this key growing market."
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