HBOS General Insurance has released its 2005 financial results. The insurer's premium income increased by 14% to £1,977m and profit before tax rose by 13% to £254m.
There was particularly strong growth from third party repayment, legal protection and annual travel insurance. Premium income from household related insurance increased by 5% to £507m. Internet sales increased by more than 100%.
Repayment insurance premiums increased by 18% to £1,047m, driven by the strong growth in the business underwritten for third party distributors. Sales to HBOS brand customers fell as a result of the slowdown in the personal loans and mortgage markets.
Michael Warren, the company's finance director, said: "In 2005 we have seen an excellent year with growth in our overall premium income and profits. Strong retention and improved claims experience has contributed to this delivery in an increasingly competitive market."
