Ageas UK improves combined ratio despite declining profits

Caitlin Morrison
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INSURANCE group Ageas UK reported a £64.8m profit for the first nine months of 2014, down from £73.7m posted for the same period last year.

The company improved its combined ratio in the third quarter of 2014, at 96.6 per cent compared with 98 per cent in 2013.

Ageas owns Tesco Underwriting, but does not include the subsidiary in its combined ratio calculations.

Andy Watson, Ageas chief executive, said: “I’m pleased to report that we’ve seen a strong third- quarter result, continuing our recovery from the impact of the weather earlier in the year and despite lower average premiums in the market.”