Ageas delivers ‘solid’ Q3 performance

Ageas has delivered a ‘solid quarter’s performance in a challenging market’ according to Andy Watson, chief executive of Ageas UK.

The nine month (9m) 2015 results for Ageas report a net profit of £46.9 million, compared to an underlying profit of £44.5 million (9m 2014). Including a one off benefit, profit at nine months 2014 was reported at £63.2 million. Overall combined ratio has improved to 98.3% (9m 2014: 99.3%).

Andy Watson, chief executive of Ageas UK said, ‘In terms of motor performance, we took deliberate pricing action in the first half of the year that’s starting to pay off. This is supported by the much needed upward trend in motor prices in response to more traffic on our roads and the increase in costs of third party damage claims as a result of more aggressive approaches to non-fault claims in the market.

‘Brokers and partners continue to choose Ageas as their preferred partner of choice, evidenced by the recently secured 10 year deal with Age UK, as well as the launch of a new home and motor proposition with Virgin Money. Our focus on new personal and commercial schemes continues to bring success, coupled with our longstanding reputation for excellent customer service.’

Ageas has around eight million customers across its businesses in the UK and insures 3.7 million motor policies. Ageas launched a strategic partnership with Virgin Money in October, with a new motor and home offer for Virgin Money’s three million customers.

As part of Ageas’s retail strategy to respond to the challenges of a competitive market, actions continue to be taken to simplify the business model. One of the key deliverables has been a move from six customer systems to one, as well as a move to one telephony platform, which has progressed well.