Total income up 84.5% to GBP 882.0 million compared to same period 2010
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Non-Life Gross Written Premiums up 84.2% to GBP 862.8 million
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Total inflows for Other Insurance including Retail businesses more than doubled to GBP 109.4 million
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Protection GWP almost doubled to GBP 19.2 million and New Annual Premiums up 33.0% to GBP 14.1 million
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Improvements in performance
Profit Before Tax has risen four-fold to GBP 35.4 million
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Overall combined ratio at 101.2% (H1 2010: 106.5%); Ageas Insurance at 98.7% excluding prior year claims (H1 2010: 106.1%)
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Ageas Insurance Motor ratio continues to improve to 96.9% (H1 2010: 109.0%)
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Continued progress in development of multi-distribution and product strategy
Strong growth across Non-Life Personal and Commercial lines
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Gross Written Premiums of GBP 397.8 million from Tesco Underwriting partnership since launch with around 1 million customers
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Successful integration of Castle Cover into Retail activities consolidating Ageas as the 4th largest Personal lines broker in the UK
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Protection distribution expanded; now over 150,000 customers
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Well capitalised business
Strong Non-Life capital position in Ageas Insurance and Tesco Underwriting
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Announcing the 2011 half year results, Barry Smith, Chief Executive of Ageas UK (formerly Fortis), commented:
"It is very encouraging indeed that the delivery and consistency of our strategy has produced record growth combined with strong profitability at the half year. We have seen growth in Non-Life across both Personal and Commercial lines and specific actions have led to a turnaround in motor performance. The successful integration of Kwik Fit Financial Services and Castle Cover, together with organic growth, has doubled the size of our Retail operations and new Life Protection partnerships have enhanced our distribution capability, complementing our growing Independent Financial Adviser channel.
Alongside this strong performance, we continue to receive positive advocacy from our brokers, partners and suppliers which remains very important to us. We were also absolutely delighted to be named the 2011 General Insurer of the Year at the recent British Insurance Awards."
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