Ageas UK and Tesco Bank have extended their home and motor partnership for a further 7 years. The partnership was established in 2009 with the creation of Tesco Underwriting (TU); 50.1% owned by Ageas and 49.9% owned by Tesco Bank.
The partnership extension is an impressive result for Ageas and it is claimed that TU now underwrites 1.2 million customers and is responsible for £440 million in Gross Written Premium. This makes it one of the UK's most significant affinity partnerships. However, as recently as 2011, TU was said to be insuring 1.5 million customers and accounted for GWP of £655 million.
Some of this decline may result from Tesco Bank working with a wider range of insurers in the last couple of years. The home insurance panel is comprised of TU, Towergate, AXA, RSA and Legal & General; the last of these added as recently as November 2014. The motor insurance panel is comprised of TU, Sabre, Covea, Chaucer and Aviva.
Outside of the TU joint venture, Tesco Bank partners with Ageas for travel insurance, RSA for pet insurance and Aviva for life cover.
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