AA Insurance Services reported a 7% rise in pre-tax profits for...
AA Insurance Services reported a 7% rise in pretax profits for the year ending 31 December 2003.
It said pre-tax profits went up from £19.9m in 2002 to £21.5m for 2003.
Turnover increased slightly from £135.6m in 2002 to £137.4m for the year, while profits after tax increased 18% from £20.9m to £24.7m.
The AA said the personal lines insurance market remained am intensely competitive market, with the recent stabilisation in insurance premiums and decreased level of churn within the market having put downward pressures on business rates.
In response to this, the AA said it had added new insurers to its panel and continued to promote internet usage.
“In 2004 the business will focus on growing and developing our core products as well as improving our competitive position through adding additional insurers to our panel,” it said.
2003 saw the departure of Andrew Briscoe from the company, with Thomas Murphy, Clare Salmon and Paul Woolf all appointed directors on 1 January 2004.
Last week AA owners Centrica announced the sale of the company for £1.75bn to a company formed by private equity firms CVC Capital Partners and Permira Advisers, owners of Kwik-Fit.
