Strong market competition dents Ageas total income
Ageas UK has reported a 38% increase in net profit to £19.4m in the first quarter of 2013 (Q1 2012: £14.1m) while the combined operating ratio improved to 99.9% (Q1 2012: 102.3%).
The insurer blamed a 0.3% fall in total income to £511.3m on increasing competition in the market. Non-Life gross written premiums was down 0.7% £442.4m while total inflows from its retail businesses
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