Age UK Enterprises, the trading arm of the UK's leading later life charity, has signed a 10 year extension with its insurance partner Ageas. The partnership builds on the 10 year deal originally commencing in 2006 and will see the insurer continuing to provide home, motor and travel insurance to a customer base of 1.3 million.
The partnership will be extended to include classic car, motor cycle and standalone breakdown cover. (Currently breakdown cover is available through Aria Insurance Services, formerly Europ Assistance.)
It is understood that the partnership is worth in the region of £100 million annual premium income to Ageas, although historically it has never been regarded as one of the most profitable partnerships for the insurer. Age UK Enterprises benefited from £22 million insurance income in 2013-14.
Ageas has been keen to secure the Age UK partnership renewal for some time and although the announcement does not come as a big surprise, the presence of the RIAS and Castle Cover brands within the Ageas Group does suggest an ongoing appetite for over 50s business for the insurer.
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