Big Profits For Fortis Insurance UK

Posted by admin

August 11, 2008

Fortis Insurance UK reported a whopping £43.3 million pre-tax profit in spite of difficult market conditions. They did reveal a very small decrease (2%) in overall Gross Written Premiums to £375.3 million however this was mainly due to a “disciplined pricing strategy”.

First half expansion included Fortis launching life business, legal expense cover for customers as well as Greenbee Motor Insurance in partnership with John Lewis.

CEO of Fortis UK Barry Smith said, “In the face of the current market conditions, we have achieved strong performance in the first half of the year, while building the future of the company through innovative products and distribution width. Fortis is focused on delivering sustainable, profitable earnings, and so we remain committed to maintaining underwriting discipline and managing our pricing strategy.”

Second half growth in 2008 looks optimistic for the insurance company with the recent launch of House Guard Prestige, a mid net worth product. Gross Written Premiums were also up in their commercial business sector which includes commercial vehicle cover.

Technorati Tags: fortis, insurance, uk, profits, market, strategy