End of year results show Ageas's protection arm managed a 90% yearly increase in protection customers, resulting in new annual protection premiums up 52.3% to £22.7m.
The results ascribe this increase, to 120,000 customers, to the successful roll out of the company's protection proposition to an increasing number of IFAs. By the end of the fourth quarter of 2010, the business had a 6.4% IFA market share, up from 4.3% in fourth quarter 2009. However, the business carried a pre-tax loss of £10.2m in 2010, up from £7.2m in 2009. Ageas said this includes a one-off impairment charge of £5.6m related to a commercial partner that has subsequently gone into liquidation. Barry Smith, Chief Executive of Ageas UK, commented:: "I'm absolutely delighted with th...
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