Income up 8%
DAS UK Holdings, the holding company for DAS Legal Expenses Insurance Company, reported headline profit of £10.3 million, an increase of 82% on 2006.
Gross income grew more than 8% to £109 million. Underlying premium growth, net of commission payments, was over 20% for the year.
Excluding exceptional items, the 2007 profit before tax was 28% higher than in 2006 and net premiums grew by more than 15 per cent.
The company said that during 2007 the number of staff employed by the group exceeded 500 for the first time, growth which was influenced by the general expansion of the business, the acquisition of Amicus Legal in January 2007, and the establishment of DAS Legal Services which already employs more than 20 staff.
Paul Asplin, chief executive at DAS said: "We're extremely pleased with the 2007 results and with our continued growth and success. It's a testament to our teams and their expertise, to our acquisition successes and integration, and to the establishment of DAS Legal Services.
"Our Republic of Ireland branch also continued to perform well in 2007, in spite of some softening of rates in the Irish market, and we continue to investigate other potential overseas markets and anticipate developments in this area in the foreseeable future."
Asplin added: "Our achievements are all the more significant when we consider the current state of the legal protection insurance market. It has been a difficult year for many and, with FSA intervention in the ATE sector and Government proposals to revise the rules regarding the recoverability of ATE premiums currently in the balance, this looks set to continue.
"Looking to the future, we are continuing to examine further acquisition opportunities and we remain confident that further profitable growth can be achieved, in spite of the market challenges that clearly exist."
