Ageas reveals 20% UK GWP growth in 2023

Ageas has reported a 20% hike in UK gross written premiums to €1.49bn (£1.27bn) for 2023, as profits in the European division rose.

The insurer sold the renewal rights to UK commercial business to Axa in 2022 in a £47.5m deal. It noted that for the 2023 results the “scope-on-scope” growth in the UK was actually 47%.

According to Ageas, it was driven by strong growth in customer numbers and “continued strong technical pricing discipline in the face of inflation”.

The provider did not supply a full breakdown of UK figures.

Europe

In the European division, where the UK sits alongside Portugal, France and Turkey, but not Belgium

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