Ageas UK sees profits increase

THE COMPANY that operates an insurance joint-venture with Tesco yesterday unveiled a healthy rise in profits for the first three months of the year.

Ageas UK, a subsidiary of the Belgian group, said profits rose 38 per cent to £19.4m.

But new business volumes declined slightly year-on-year to £511.3m, despite acquiring the Groupama UK business during the intervening period. Ageas UK said this was due to tough competition on premiums, particularly in the motor insurance market.