Insurance division picked up £0.9m annualised new business
Abbey Protection absorbed investment in its alternative business structure to report stable pre-tax profits of £5.2m in the first half of the year.
Turnover increased 8% to £20.7m at the legal expenses insurance broker.
Chief executive Colin Davison said: “I’m pleased to report a satisfactory financial performance for Abbey Protection, with the core trading divisions, Abbey Legal and Abbey Tax Protection, continuing to drive forward revenues. This was achieved against the backdrop of reduced profits from our captive insurance company, Ibex.”
Abbey acquired law firm Lewis Hymanson Small Solicitors during the period. Davison said the acquisition was “a significant step in our plans to expand our footprint in the newly-freed-up legal services market.” However Abbey’s push into legal services through its ABS has yet to bear fruit, Davison said.
Renewal rates for its existing scheme and affinity clients were strong and the company brought in £0.9m of annualised new business in the first half of the year.
Abbey will pay an interim dividend of 2.4p per share on 10 October.
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