Groupama’s Laurent Matras joins Lark as director as it posts £3.6m profits
Groupama-owned Lark’s after-tax profits rose to £3.6m from £1.84m for the year ended December 2011, according to Companies House.
The results coincided with the appointment of Groupama managing director Laurent Matras and corporate services director Paul Picknett as directors.
Groupama has put Lark up for sale as it looks to beef up its capital adequacy, which has come under pressure from the eurozone crisis.
Turnover rose to £19.4m in 2011 compared with £13.1m in 2010. Lark changed its accounting period in 2010, meaning that the reported numbers for that year only cover the last nine months, while the 2011 numbers are for the full 12 months.
In addition, Lark managing director Stephen Lark told Insurance Times that Lark books a large chunk of its business in the first three months of the year, which the 2010 figures omit.
Lark also acquired Cadogan Hanover Park from Barbon in September last year.
However, even when these factors are considered, Lark still performed strongly, especially compared to peers that have suffered profit drops.
The debt-light broker’s net assets improved to £6.5m from £5.4m.
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