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....
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
