2021 Financial Results

Today we announced our full year 2021 financial results to the market, so I wanted to share an update with you to give you a flavour of our progress.

As a headline, 2021 has been a strong year for Ageas UK. In our new strategy we brought sharper focus to our business, going for growth in our chosen markets. We prioritised Personal lines, broadening our intermediary relationships and adding more than 100,000 additional customers in the process.

And this has not gone unnoticed. We were named Personal Lines Insurer of the Year at both the Insurance Times Awards and British Insurance Awards, with judges citing Ageas as a company that is “getting it right for its stakeholders”. This was among other awards received over the year.

In 2021 we were selected to join the broker panels of major retailers Sainsbury’s and the Co-op, with other new deals including Marmalade and Insurtech start up GoShorty.

And a great deal of work went into the refreshment of our underwriting and pricing models, most recently with our move to Amazon Web Services for our broker Insurer Hosted Pricing, giving us the ability to make changes to products and pricing for our brokers in real time.

On top of this we were also proudly awarded the ServiceMark Accreditation in an above benchmark assessment from the Institute of Customer Service and certified by the Top Employers Institute naming Ageas UK as a Top Employer for 2022. What a year!

But it’s thanks to your continued support that we can report such positive results today as we continue to navigate together the evolving customer trends, competitive market conditions and the fundamental shift in the regulatory landscape.

At the end of last week, we witnessed some of the most significant weather damage we have seen in the UK for over 30 years. Our thoughts are with our customers who have been affected at this time. It is now that we show our true value as an industry, and our Claims team is working tirelessly to get your customers back on their feet.

We have much in the year ahead to look forward to, and we can’t wait to see those of you attending the BIBA conference in May.