Ageas UK, the British subsidiary of the multinational insurance company, has reported that its Gross Written Premium (GWP) for the first nine months of 2020 has risen by £15.6m.
Motor insurance was the only sector of the business to take a hit, declining from a GWP of £616m in the first nine months of 2019 to £578.8m in the same period of this year.
However, household GWP increased from £198.4m to £231.6m, while the travel, commercial, and other sides of the business have also risen from £115.3m to 134.9m.
While gross inflows have risen from £929.7m to £945.3m, the pandemic and August’s flood and storm events mean the financial result of the period has dropped to £47.7m.
The firm’s result after tax during the same period of 2019 was £58.2m, showing a fall of £10.5m in 2020.
Ant Middle, CEO at Ageas UK, said: “I’m pleased to report that our underlying performance was healthy in the quarter.
“While we have seen lower motor claim volumes compensating for weather events, claims did increase over the last three months but are not yet back to pre-Covid levels.”
Strong reasons for the firm’s “healthy” financial performance are the sale of its majority share in Tesco Underwriting to Tesco Bank, and the £40m deal with PIB Group in writing its Tenant Risks schemes announced 1 November.
Middle added: “We now look ahead to the remainder of the year in the knowledge that we will need to remain agile and responsive to a dynamic set of circumstances, but confident that our work through the year sets us up well to continue to serve brokers, partners and customers in the manner they would expect of us.”