Ageas UK’s full year net profit hit £94.7m for 2014, compared with £85.2m in 2013, although total inflows from retail business were down 7 per cent at £164.7m due to a “continued competitive environment”.
The results also showed that protection gross written premiums were up 20.8 per cent to £110.9m during the period when the firm completed the sale of its Ageas Protect division.
It was back in August that Ageas UK agreed to sell its protection arm to AIG to focus on non-life insurance.
Announcing the £181m deal, chief executive Andy Watson, said: “Ultimately our main focus in the UK is in developing our businesses in the non-life market where we have considerable scale and hold significant market positions.”
Commenting on the results for 2014, he said that the group had made strong progress on the integration of its two insurance businesses, giving brokers a greater product choice in both personal and commercial lines.
“The additional focus and investment in partnerships has delivered the renewal and launch of significant deals in 2014, demonstrating that well-respected brands trust Ageas to look after their clients.”
emma.hughes@ft.com
