Broker to launch two new brands and grow commercial arm to £150m GWP in three years.
Swinton has announced record profits in its seventh consectutive year of growth.
The high street broker saw its profits increase 27% to £48.3m to the 12 months ended 31 December 2007. Gross premiums increased by 39% to £665.8m and net income 37% to £206.8m.
It also recorded a 14% increase to circa 2.6 million policies.
In a statement it revealed that it is set to launch two new web brands, DIVA, (car insurance for women drivers) and a new discount website, Motor Insurance Warehouse this year.
It also said that Swinton Business, the companies commercial arm, has become its fastest growing division and plans are in place to expand it to £150m gross premium income over the next three years.
Patrick Smith, CEO of Swinton, said: “Swinton is now in it’s 51st year of trading and we are very proud of our achievements with seven years of consecutive growth.
“While many insurers and brokers are abandoning the high street, as illustrated by last week’s announcement from Endsleigh, we strongly believe that consumers appreciate having a clear and fair choice with regard to how they purchase. Our significant investment in both on and off-line channels means we are able to offer excellent products via whichever approach our customers prefer.
“Customers who choose Swinton via a website, down the telephone or by visiting the shops tend to stay with us once they experience the benefits of having an expert local advisor at the end of a local phone or the convenience of a branch on the high street. This goes against the received wisdom that a majority of modern consumers are totally price driven and promiscuous when it comes to their insurance renewal.
“In addition to the substantial investment we continue to make in our personal lines offering, we also plan to continue our expansion within both the commercial and specialist insurance sectors. This will be achieved through both strategic acquisitions and organic growth over the next five years.”
