Life business up 70% at Ageas

Positive Q1 2012 results from the provider

Ageas increased its life premiums by 71% in the first quarter of 2012 compared to the same period last year, the provider has announced.

Its total gross written premiums for Ageas Protect were £15m in Q1 2012, up 71% on Q1 2011’s £8.8m.

New annual premiums also increased, by 34%, from £6.7m in Q1 2011 to £9m in Q1 2012.

The firm says that this growth reflects the successful roll out of its protection offering to an increasing number of IFAs and new affinity partnerships. The business now has 211,000 customers, 56% more than in the same period last year.

Overall, Ageas saw total income rise by 11% year-on-year to reach £513.3m in Q1 2012, while pre-tax profit jumped from £3.8m in the first quarter of 2011 to £22m this year.

Barry Smith, chief executive of Ageas UK, said he is pleased with the progress the firm has made in what is usually a tough quarter.

He said: “We continue to build on our transformational growth of 2011 with strong increases in income and profit. Our strategy of working very closely with our brokers, affinity partners and IFAs to offer quality products and service to customers continues to pay off.

“The market is not without its challenges given the current economic and regulatory environment but our balance of underwriting and distribution across Ageas UK means that, overall, we are in good shape to continue to deliver profitable growth.”

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