Life Insurance  

More IFA focus by Ageas despite low retail flows

The chief executive of Ageas UK, Andy Watson, said the life company “continues to focus” on delivering profitable returns, reflecting a clear and consistent multi-distribution strategy and partnership approach with brokers, affinities, IFAs and other intermediaries, as well as its own retail businesses.

Speaking as the company announced its nine-month results for 2013, Mr Watson said Ageas UK was committed to its promise to “offer more products to brokers”, and said it would “continue to focus on supporting brokers through a difficult trading environment”.

Despite a tail-off in the level of new annual premiums, largely attributed to the slowdown in the market after the so-called G-Day on 21 December last year, the date when the European Union’s gender-neutral pricing directive came into force, Mr Watson cited strong growth for Ageas Protect.

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Over the nine months to end September 2013, total inflow increased by 35.4 per cent to £67.2m, compared to the same period in 2012, when total inflow stood at £49.7m.

While new annual premiums decreased by 10.5 per cent to £22.9m, compared with £25.6m over the same period in 2012, Mr Watson remained confident that this reflected a subdued market across the industry.

He added: “As part of our promise to offer compelling products to intermediaries, the business enhanced its critical illness product in September, giving customers real added value and peace of mind, while future-proofing definitions based on medical advancements.”

Figures at a glance

Ageas Protect posted a post tax result of -£1.5m

The number of actual lives covered has risen 20 per cent.

Ageas Protect now has 296,000 actual lives.

ADVISER COMMENT

Tom Conner, director of London-based Drewberry Insurance, said: “We don’t know Ageas UK very well and we have not been getting constant calls from them asking to set up training sessions or to arrange meetings unlike some of the other providers.

“The difficulty is, with there being so many providers out there, a lot of product have a lot of similarity and so it often comes down to price and track record. However, I think it is great to have different products and to take these out to brokers. Anything that is launched in the market needs to be marketed well to advisers as well as consumers.”