Ageas Protect grows market share
Ageas Protect grew its customer numbers by 47.4 per cent in the first half of 2012, its interim results have revealed
Barry Smith, chief executive of Ageas UK, said the firm has increased relationships with IFAs, financial intermediaries and affinity partnerships.
According to the results, the protection business now has more than 225,000 customers and an 8.2 per cent share of the IFA market.
Mr Smith said: “We continue to deliver on our consistent multi-distribution and product strategy.
“This builds on the significant scale change of the Ageas business over the past year. Our ethos is to deliver results by working in partnership with our brokers, advisers and clients and to provide them with customer service well above market norms. This focus will continue.”
Ageas reported pre-tax profit for the half-year up 81 per cent to £64.1m, while the protection business reported a pre-tax loss of £0.4m, an improve on a £1.1m loss in the first half of 2011.
Ageas protect grew its new premiums from £14.1m in the first half of 2011 to £17.1m in the first six months of 2012.
In recent months, Ageas has announced partnerships with BGL Group and with Asda, which it claimed would “complement” Ageas’s growing presence in the IFA market.