Our 2019 financial results

We’ve announced our full year 2019 financial results to the market today. Here’s a summary of how they’re looking.

Income stabilised with a healthy pipeline of new business
Our income stabilised at £1.5 billion, with underlying growth driven by new deals with brokers in the Household market and growth in our Commercial lines business sold through digital channels.

Resilient performance driven by Household improvement, offset by Motor claims inflation
We reported a net result of £60.3m and a sub 100% COR reflecting a resilient performance in a market that continues to feel the impact of high levels of claims inflation, driven by increased third party and repair costs. We’re pleased to say that our Household book was successfully restored to profitability helped by the benign weather and our strong growth trajectory in the broker market in 2019.

Results summary

 

Hungry for your business
The intermediated channel is still the life blood of our business, with around 80% coming from brokers and partners. Broadening our specialist expertise to a wide range of sectors, we were pleased to deliver a number of significant new deals last year in both personal and commercial lines. Trading momentum continues with new deals and a healthy pipeline of bespoke schemes, demonstrating our real appetite to grow with you in these areas.

Recent weather events
We’ve not escaped the impact of the weather in recent weeks. Storms Ciara and Dennis have led to a surge in storm and flood related claims and our teams are working around the clock to help your customers in their time of need. As always, we’ll work to ensure that anyone unfortunate enough to be involved has all their immediate needs met and will begin the repair and remediation process as soon as their individual circumstances allow.

Thank you
As we look back on 2019, so much of what makes us proud has been achieved because of the resilience, talent and passion of the people who work for us and with us. Thanks to your continued support, we made significant progress with our strategic priorities, managed a lot of change and continued to deliver on our purpose to make insurance easy for our customers.

The team and I look forward to seeing you throughout the year and indeed on our stand at the BIBA Conference in May.  

Ant Middle

Chief Customer Officer, Ageas UK