Management: Janet Connor, one of the sector’s most prominent female bosses, is to step down as managing director of RIAS to take the helm at MORE TH>N. Following parent company Ageas’s shake-up of its retail management structure at the start of the year, the over-50s insurance broker now sits alongside Kwik-Fit in the Ageas retail portfolio, under Andy Watson.
Strategy: RIAS is growing quickly in terms of revenue, but profitability growth is lagging. The broker made a profit after tax of £18.4m in 2010, up 4% from £17.8m in 2009. But this compares with a 10% growth in profits in 2009 and 15% in 2008. Meanwhile, revenues rose 4.6% to £84.3m in 2010 from £80.6m in 2009, compared with 4% in 2009 and 0% in 2008.
Last year’s revenue growth was partially offset by a 7.5% increase in cost of sales to £36.8m. But RIAS’s expense ratio – cost of sales and administrative expenses as a percentage of earned commission income – remained at 69%.
Big story: RIAS launched its motor insurance product on price comparison website Gocompare in July, offering an aggregator-tailored motor insurance product for customers aged 70 years and over.
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Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
