Fortis UK has posted a 22% increase in profits before tax to £66.4m for 2005.
The results include Fortis Insurance Limited (FIL), specialist over-50s insurance provider RIAS and OutRight, which deals with affinity insurance, brandassurance and broking.
FIL's pre-tax profits increased by 18% to £58.1m. Its gross written premiums (GWP) rose by 4% to £596.6m.
Barry Smith, Fortis UK's chief executive, commented: “Fortis Insurance has consistently outperformed the market. In terms of compound annual growth rate over the last six years, FIL's GWP growth has been at nearly twice the market average and our combined ratio performance is also significantly better than the market average.”
FIL's household, commercial and travel books all showed strong growth. While motor GWP was slightly down, by 1%, to £372.1m, FIL insured a total of 1.35 million vehicles, making it the third largest insurer of private cars in the country.
Smith also said: “Our results demonstrate Fortis's ongoing commitment to grow the business by offering a broad range of insurance solutions to the UK market and successfully fulfil the needs of brokers and an increasingly wider range of distributors and their customers.”
