Following today's announcement of the results of its parent company, Credit Suisse First Boston (CSFB), Churchill Group has revealed a 48% pre-tax profit rise in 2002.

The UK's fifth largest general insurer posted an increase in profits to £83.3m last year. Premium income increased by 15% to £2.14bn as a result of volume growth, it said.

The results announcement came as Churchill's parent, CSFB, revealed plans to slash up to 1,250 jobs from its financial services divisions. CSFB also confirmed that up to 300 jobs are set to go at its insurance division, Winterthur.

Churchill's chairman and chief executive Martin Long, said: "I am obviously delighted with these results which firmly underline our strong position in the UK general insurance market.

"Our strategy to grow the business through a wide range of distribution channels together with our commitment to providing unrivalled customer service continues to deliver excellent results."

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