Ageas UK today reports continued strong trading results, supported by Motor performance for the first six months of 2021.

UK financial results summary

 In GBP million 6M 21 6M 20 Change
Result after Tax £29.8m £22.8m 30.7%
Gross income £592.7m £603.8m (1.8%)
Combined ratio 96.0% 97.8%  

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 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 ratio including the effect of the new internal reinsurance agreement for HY 2021 stood at 96.1% YTD.

 Ageas UK entities Motor Household Other (incl commercial lines) Total
In GBP million 6M 21 6M 20 6M 21 6M 20 6M 21 6M 20 6M 21 6M 20
GWP £332.4m   £369.0m £154.1m  £148.8m  £106.1m  £86.1m  £592.70  £603.8 
COR  93.2% 89.4%   101.7%  104.1% 97.1%  124.9%   96%  97.8%


  • Continued strong net result and overall COR when compared to HY 2020 driven by the lower frequency of motor claims as a result of the pandemic lockdown restrictions at the start of the year, although the frequency has increased with the gradual lifting of lockdown in Q2.
  • Household GWP growth through both intermediated channels and direct business
  • Growth in Commercial lines reflecting new deals secured through intermediated channel
  • Growth in the total number of personal lines policies held. Overall GWP in motor is lower because of a reduction in the average policy premium compared to LY[1]
  • Reduction in average policy premiums in the motor market reflects the current competitive trading environment

STRATEGIC AND CUSTOMER HIGHLIGHTS - A sharp focus to deliver better results and offer brilliant service where it matters

  • Our focus is to double down on our historic heartland, growing personal lines business via brokers and aggregators, particularly where it is electronically traded business.
  • We have also announced that Ageas has joined Sainsbury’s carefully-selected panel of personal motor insurance providers
  • Supporting this strategic focus, we have launched Ageas home insurance on three major UK comparison websites; MoneySupermarket, Go Compare and
  • Our customer NPS has continued to perform strongly, with a HY year score of +45.2[2] (H1 20 +43.3) and verbatim feedback from customers showing that they are continuing to be reassured Ageas is there for them

Commenting on the start to the year, Ant Middle, CEO Ageas UK said:
These strong results support our strategy to invest in our stand-out capabilities. Our focus on doubling down on our heartland of personal lines is starting to gather momentum with important new broker distribution agreements, alongside the continuous improvement of our technical engine room, fuelling our competitive position.

Looking ahead, there is a pressing need to recognise the market-wide pressures and uncertainty in the motor market. We have retained our underwriting discipline in what has been a unique and challenging trading environment. We will continue with this diligent approach as we manage inflation and an unprecedented range of other factors for the remainder of 2021 and in our preparations for 2022.

I am particularly pleased with the response of our people and our broker partners over the last few months. This high-quality collaboration and relentless energy provides real confidence that we are plotting an exciting path for the future.

[1] The ABI quarterly Motor Insurance Premium Tracker (published 5 August 2021) reported a £38 drop in average price of motor insurance in the first half of the year, with the average price paid for cover at its lowest in just over five years.[2] The Institute of Customer Services shows the average NPS for general insurers to be around +20