New strategy delivers promising financial results for Ageas UK 

Ageas UK’s first full-year results since the launch of its new strategy show its sharp focus has delivered an encouraging early performance. 

 In GBP million 12M 21 12 M 20 Change
Result after Tax 52.1 45.4 14.6%
Gross income 1,208.3 1,229.2 (1.7%)
Combined ratio 96.2% 95.2% (1.1%)


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 stood at 95.8%YTD. 

2021 result aligns with Ageas Group reporting, including the Tesco Underwriting disposal transaction bookings.   


 Ageas UK entities Motor Household Other (incl commercial lines) Total
In GBP million FY '21 FY '20 FY '21 FY '20 FY '21 FY '20 FY '21 FY '20
GWP 676.5 743.8 324.6 302.6 207.3 182.8 1,208.3 1,229.2
COR 93.6% 91.1% 98.4% 99.4% 101.8% 105.7% 96.2% 95.2%


Solid performance in Personal lines ‘heartland’ 

  • A solid operating result in 2021 benefitted from actions taken by the business to become proudly low cost as part of its new strategy.   
  • Personal Lines Motor benefits from reduced claims frequency and a robust underlying claims performance. 
  • Overall Household net result was impacted by weather events in July and November, partly offset by favorable prior year development. 
  • Continued growth in Household partially compensated for lower Motor premiums due to a disciplined approach to pricing in a market with continued low average premiums.   

Focused implementation of the new strategy continues at pace 

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

  • An energetic trading rhythm and sharp focus on Personal lines business, particularly electronically traded business, resulted in good growth momentum with 100k additional customers in its chosen markets and new panel partnerships with Sainsbury’s Bank, Co-Op Insurance, Marmalade and GoShorty. 
  • On 15 February 2022, Ageas announced the sales of its Commercial lines business to AXA as part of the business strategy to focus on intermediated personal lines business. 
  • In its largest infrastructure investment to date, Ageas appointed leading-edge platform provider EIS to support its business transformation programme enabling a fast, simple and agile digital-first insurer model.  

Getting it right for stakeholders 

  • Double winner of Personal Lines Insurer of the Year at the British Insurance Awards in September 2021 and the Insurance Times Awards in December 2021 – key recognition by the broker market – among other awards. 
  • Attainment of the ServiceMark Accreditation in an above benchmark assessment from the Institute of Customer Service. 
  • Ageas UK overall Net Promoter Score results remained in the upper quartile for 2021 at +45 (against an industry average of +20).  
  • Certified by the Top Employers Institute naming Ageas UK as a “Top Employer” for 2022 - a notable measure of the company’s dedication to a better world of work based on excellent HR policies and people practices. 
  • Working with a broad base of partnerships and repair centers, Ageas is continuing its commitment to reducing its environmental footprint. When repairing a part isn’t possible, Ageas’s now award-winning green parts programme has around 20-25% of repairs using a green recycled car part and around 1 in 5 of those green parts from Ageas’ salvage supply.  
  • In its tenth year of supporting the Road Safety Foundation campaign for safer roads in Britain, the partnership launched the latest crash risk mapping report titled ‘Building Back Safer – Making Roads Fit for 2030’.   
  • An important element of its employee engagement is support for charity and the local communities. Following a successful partnership with Rays of Sunshine over the last two years, raising over £100k through employee-led initiatives, Ageas has embarked on a new partnership with Air Ambulances UK, as voted by employees. 

Commenting on a year of progress, Ant Middle, CEO Ageas UK said:  

2021 has been a strong year for Ageas UK. We brought a sharp focus to our business by prioritising our heartland Personal lines. This has enabled us to accelerate the pace and precision of our actions that enhance our already strong capabilities in this highly competitive market.

Our focus is already beginning to bear fruit. We’ve broadened and deepened our relationships with brokers in Personal lines, while increasing the number of customers we serve in our chosen markets by over 100,000. Momentum has built in our underwriting, pricing, claims and digital initiatives, and we’ve been delighted to see the exceptional efforts of our people recognised through various accreditations during 2021. 

We enter 2022 with our eyes wide open to the broad range of economic and market challenges, and will remain diligently focused on taking the next steps in our strategic development, investing in our capabilities and delivering for brokers, customers and our people on the things that matter most to them.