Blog by Adam Beckett | Personal Power
Reflecting on BIBA Conference 2022.
Today we have reported our results for the first nine months of 2021 to the market so here’s a snapshot of how they’re looking.
- Continued strong performance with a combined ratio of 95.7% owing to a deliberate strategy to become operationally low-cost supported by the lower frequency of private car motor claims at the start of the year. However claims costs in Motor returned towards pre-pandemic levels in the third quarter, with the lower frequency no longer compensating for the continued increase in claims inflation.
- Growth in the household portfolio while motor premiums continue to reflect the five-year low for premiums in the private motor market.
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 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.
Ant Middle, CEO Ageas UK
