Fortis UK to rebrand as Ageas; Protection sales outperform

Fortis UK has announced its protection operation made “good progress” last year and also revealed its proposed new name, Ageas.

The provider's life arm (which deals exclusively with protection products) new business premiums (APE) grew to £15m in 2009 from £3m in 2008 as it continued to roll-out its range across the market.

It is set to announce a link-up with broker Clarkson Hill in the near future as its expansion continues.

Fortis Life UK also reported an increase in market share to 4.3% by Q4 among IFAs, who make up about half the protection sales sector. Sales from this part of the business, which launched in July 2008, now account for 1% of Fortis' total revenue.

The group's non-life business made a record level of gross written premiums (GWP) which increased by 6% to £805m from £760m in 2008. However, profits before tax and interest dipped sharply to £29m from £76m.

Its name change has become necessary after the separation of the group's banking assets, which will be taken up by BNP Paribas who owns the "Fortis" name. The proposal  will be put before shareholders at the insurer's AGM in next month.