Shares of Ageas Insurance (AGS.BR) today surged 8.08% higher after the UK insurer reported a significant growth in its gross written premiums (GWP) during the first half of 2020.
The firm reported that household GWPs rose from £129.8 million during H1 2019 to £148.8 million in H1 2020, while the travel and commercial segments saw GWP rise to £86.1 million versus last year’s £75.8 million.
The growth was directly attributed to the multi-year deal signed with Victor Insurance and the 5-year contract for R K Harrison, a land and estates insurer.
Ant Middle, Ageas’ CEO explained that: “2020 is proving to be a year of disruption for society as a whole and the market we operate in.”
Adding that: “I’m immensely proud of the committed response from both our employees and broker partners to deliver continued strong service to our customers throughout this time.”
Ageas share price
However, the company’s motor division recorded a slight decline from the £403.9 million GWP last year to £369 million this year.