Ageas makes UK ‘progress’
Ageas UK has posted a net profit of €29m in 2017 (2016: loss of €156m) despite a €46m Ogden impact.
Gross Inflows, including Tesco Underwriting Ltd, decreased to €2bn (vs €2.2bn 2016), down three per cent at constant exchange rates. Motor inflows reduced to €1bn (vs €1.1bn 2016), down two per cent constant exchange rates.
In what remains a volatile and unpredictable post Ogden market, Ageas UK maintains a clear pricing discipline, focussing on restoring the profitability of the Motor portfolio.
The combined ratio for the year improved to 103.2% (vs 112.2% 2016). Excluding the impact of the Ogden rate change, which affected all UK general insurers, the combined ratio stood at 99.5%. In Motor the combined ratio improved to 102.6% (vs 116.5%); excluding Ogden to 98.7% (vs 101.5% 2016).
Overall, Ageas posted a record insurance net result of €960m in 2017. Ageas CEO Bart De Smet said, ‘We are very pleased to announce our 2017 results, the best in our history. A strong operating performance in Belgium, Continental Europe and Asia, and progress made in the UK, despite continuing impact from the Ogden rate changes, all contributed to our performance.’