Personal lines group reports GWP increase to £598m.
The BGL Group has reported a 43% increase in profit to £43m for the financial year July 2007 to June 2008.
In a statement, the group said that despite challenging market conditions, it also recorded 20% growth in GWP to £598m and a 21% increase in policies under management to 2.3m.
The group's affinity specialist Junction delivered sales growth of 44% across its partners. It also reported significant growth at ibuyeco, the carbon neutral motor insurance brand, increasing its customer base to 60,000 in 12 months. Elsewhere, Bennetts saw a 56%increase in profit.
Peter Winslow, chief executive of the BGL Group, said: “I’m proud to say that we rose to meet the challenging market conditions of the last financial year. In the climate of the ‘credit crunch’ and reduced consumer spending, such growth is a significant achievement. The major drivers behind our success this year were again Junction, our affinity business, Bennetts bike insurance, the Group’s newest in-house brand, ibuyeco, and our claims management arm, ACM ULR.
“We have also spent time this year ensuring that we are growing sustainably. The previous financial year saw employee numbers grow rapidly from 1,500 people to 2,200. This year our focus was on integrating our new people and listening to their feedback, as well as ensuring we had the right infrastructure and support in place to deliver ongoing success.
"A key part of this is an ongoing emphasis on the development of our people. We have always placed great importance on recognising and enhancing the talents of the people within the business. We are now in an excellent position, able to be both flexible and innovative, and as a result our growth is sustainable for the long term.”
