For the full FY21, Ageas saw a £52.1 million after-tax profit, a 14.6% increase from £45.4 million in the previous year. However, its gross income for the same period hit £1,208.3 million, a fall of 1.7% from £1,229.2 million in 2020, and its combined ratio jumped from 95.2% to 96.2%.
For its personal line of business, the general insurer saw a solid operating result in 2021 for its “heartland” personal lines, thanks to its actions to become low cost as part of its new business strategy. There was growth momentum with 100,000 additional customers in its chosen markets and new panel partnerships with Sainsbury’s Bank, Co-Op Insurance, Marmalade, and GoShorty.
Commenting on the general insurer’s performance in 2021, Ageas UK CEO Ant Middle said the company’s strategy to prioritise personal lines paid off.
“Our focus is already beginning to bear fruit. We’ve broadened and deepened our relationships with brokers in personal lines while increasing the number of customers we serve in our chosen markets by over 100,000. Momentum has built in our underwriting, pricing, claims, and digital initiatives, and we’ve been delighted to see the exceptional efforts of our people recognised through various accreditations during 2021,” Middle said.
For 2022, Ageas aims to remain focused on taking the next steps in its strategic development, investing in its capabilities, and delivering for brokers, customers, and its people on the things that matter most to them.
“We enter 2022 with our eyes wide open to the broad range of economic and market challenges,” Middle said.
