Ageas UK has reported £58.2 million in net profit for the first nine months of the year, compared to £54.2 million in the same period in 2018.
The insurer credited a continued focus on profitability and “benign weather” for the result, which was driven in part by the significantly strong performance of its household business.
The insurer also revealed that its combined ratio was at 97.0%, despite what it called “challenging motor market conditions” due to the large loss severity it reported in the first half of the year
Read more: Ageas UK enjoys higher half-year net profit
“As the year progresses, we continue to deliver a resilient performance, despite a higher level of claims inflation that is consistent with that reported across the market,” said Andy Watson, chief executive of Ageas UK. “Our home book is performing well as a result of actions we have taken on underperforming schemes and is also benefitting from the benign weather in comparison to 2018.”
Watson also said that, while there is much speculation about price increases, premiums in the market “remain surprisingly low and unsustainable given inflationary pressures and the change in the Ogden rate.”
“We’ve seen further good progress in the intermediated channel. In addition to new deals announced in the first half of the year, we have a positive pipeline and recently announced a new four-year partnership with URIS Group, broadening our specialist personal and commercial lines expertise to a wide range of niche trade sectors,” he said.
