2. Lloyds TSB Insurance

2. Lloyds TSB Insurance
Fee and commission income (2001): £535.2m

Pre-tax profit (2001): £456.2m

Address: Tredegar Park
Newport
Gwent
South Wales
NP10 8SB
Tel: 01633 810 666
Fax: 01633 810 700

Website: www.insurance.co.uk

Lloyds TSB Insurance is the general insurance division of the Lloyds TSB Group and comprises Lloyds TSB General Insurance (the underwriting company) and Lloyds TSB Insurance Services (the broking company).

History: The companies were formed from the merger of Lloyds Bank Insurance Services and TSB General Insurance Company. Their principle activity is the underwriting and broking of personal lines general insurance.

The major product lines include creditor, domestic property, private motor, health insurance, pet and essential business insurance. The products are principally distributed through the Lloyds TSB branch network, direct and through the internet.

With the head office in Newport, South Wales, the companies also have offices in Haywards Heath and Bournemouth.

Lloyds TSB Insurance has a direct distribution call centre offering customers home and motor products from a panel of major insurers. The direct operation offers customers a multi-channel choice, receiving calls from branch and internet customers as well as calls as a result of media activity, direct mail drops, bank statement inserts, TV advertising and interactive TV.

Lloyds TSB Insurance, based in Bournemouth, has around 400 employees and started business in 1992. It quickly grew to become part of the UK's leading provider of personal lines insurance. Investor in People accreditation was achieved in 1994 and has been maintained to the present day.

Using a panel of nine major insurance companies, the company offers quotations via a systems-based telephone network. The quotation service enables quotations and sales to be completed immediately, with confirmation documentation reaching the customers within 48 hours.

The motor insurance panel is operated by Devitts Insurance, based in Ipswich, which is a wholly-owned subsidiary of Churchill Insurance.

Further internet sales expansion is planned as a result of the acquisition of the on-line brand Screentrade from Misys last year, which included the desirable URL www.insurance.co.uk.

Chief officer: Jon Pain, managing director

Biography: Pain was born in Worcester in 1957. He has been with Lloyds TSB for 27 years, gaining experience in various parts of the retail bank prior to his appointment as an area director. He took over as managing director, private banking, in 1998 and, since February 2000, has held the position of managing director of Lloyds TSB Insurance at Newport.

Major shareholders: The ultimate parent company is Lloyds TSB Group.

Main lines of business: Creditor, domestic property, private motor, health, pet and essential bussiness insurance.

Number of UK branches: 2,300

Number of employees (average for 2001): 1,600