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Ageas bowled over by ‘Beast from East’ but still posts positive results

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Insurer Ageas said today that its first quarter results were hit hard by adverse weather conditions in the UK and Belgium.

The Belgian listed insurer, sponsor of Hampshire cricket ground the Ageas Bowl, said that it took a €40m (£35m) impact from adverse weather in Belgium and the UK in the first quarter.

Read more: RSA shares up despite 'Beast from the East' effect

A strong result in China meant that it was a more profitable quarter for Ageas then the same period last year with insurance net profit amounting to €299m, compared to €222m the previous year.

The UK recorded net profit of €11m, up from €1m in the same quarter last year, while revenue fell to €445m versus €523m in 2017.

Chief executive Bart De Smet said: “Continuing the outstanding 2017 results, we are pleased that both our life and non-life businesses have once again delivered a solid performance which resulted in a good first quarter operating result despite the impact of adverse weather in Belgium and in the UK.”

Read more: Esure battered by Emma and the Beast

Other insurers have been affected by poor weather conditions in the early part of the year, the so-called “Beast from the East”.

RSA said it suffered greater-than-expected weather losses in the first quarter with weather costs 5.1 per cent of net earned premiums, 3.1 points higher than the same quarter last year.

Esure also said it had been affected with £8m in claims costs in home insurance, £6m ahead of expectation.

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