Trading results were supported by an improved operating performance and lower Motor claims frequencies for the first nine months of 2021.

UK financial results summary

 In GBP million 9M 21 9M 20 Change
Result after Tax £42.7m £35.7m 19.5%
Gross income £914.6m £945.3m (3.2%)
Combined ratio 95.7% 94.6%  

2020 result reflects an impact of Storm Ciara and Storm Dennis
2021 result aligns with Ageas Group reporting, including the Tesco Underwriting disposal transaction bookings.
From 2019 a new internal reinsurance programme became operational, impacting combined operating ratio and Non-Life net result
From 2020 the cession rate of the internal Quota Share and the Loss Portfolio agreements has been increased from 30% to 40%
The combined operating ratio including the effect of the new internal reinsurance agreement for 9M 2021 stood at 95.5% YTD.

 Ageas UK entities Motor Household Other (incl commercial lines) Total
In GBP million 9M 21 9M 20 9M 21 9M 20 9M 21 9M 20 9M 21 9M 20
GWP £521.6m   £578.8m £237.0m  £231.6m  £156.0m  £134.9m  £914.6m  £945.3 
COR 92.0 % 87.2%   100.7% 101.7 % 100.9%  114.9%   95.7%  94.6%


  • A strong operating performance, owing to a deliberate strategy to become low-cost, more than compensated for the impact of the July weather event and reserve strengthening.
  • Lower Motor claims frequency at the start of the year supported an increase in the year-on-year Net Result, although claims costs in Motor returned towards pre-Covid levels by the end of the third quarter, with the lower frequency no longer compensating for the continued increase in claims inflation.
  • Growth in the Household portfolio, while lower Motor premiums result from continued deflation of market average premium[1].



A sharp focus to deliver better results, with brilliant service where it matters

  • The new strategic focus to grow personal lines business via brokers and aggregators, particularly electronically traded business, is making good progress including the announcement of a new panel partnership with Sainsbury’s Bank in the quarter, and more distribution agreements in the pipeline.
  • Overall customer numbers in chosen markets were up by 200k year on year.
  • Positive momentum was gained on the digital and automation road map as part of the business’s customer ambition to deliver “brilliant service where it matters”, with continued above-industry customer Net Promoter Scores of +44.5 for service and +64.4 for claims.
  • Ageas employees have been adopting their new hybrid-working arrangement since August with a gradual safe return to refurbished office locations and supporting an eNPS score above the Finance Sector benchmark.


Commenting on the business progress, Ant Middle, CEO Ageas UK said:

The early phase implementation of our new strategy is gaining real momentum and is strongly reflected in these encouraging results. We are already seeing benefits from our sharper focus in our chosen personal lines markets, and I am particularly encouraged by the support received from our broker partners.

The motor rating environment is a notable point of attention as we look ahead. We will remain disciplined in our approach to pricing as we manage the range of current and forward-looking inflationary pressures, and diligently prepare for the market-wide regulatory changes

The skill, commitment and agility of our people as we shape our business for the future, alongside managing the shorter term demands of a challenging market, makes me particularly proud and provides the stimulus that allows us to make such positive strides forward.