Egg Insure, the insurance intermediary arm of internet bank Egg, has doubled its customer base to 15,500 since its launch last August.
However, its number of policyholders is still below its stated target of 35,000 insurance customers which it had hoped to reach by December 31, 2000.
Despite this, Egg Insure spokesman Mark Maguire, said:
“We are making steady progress and have doubled our customer base since the end of last year from 7,785 to 15,534. In the past six months, we have added three new products – critical illness, life and travel – to our existing range of motor and household insurance.”
Egg has grown to 1.7 million customers (1.1 million of whom use its online credit card), in the year to June 30, 2001.
Egg reduced its losses by 21% in the first half of 2001, to £63.4m from £80.7m, and signed up an additional 350,000 customers in the same period.
The online bank, which is owned by Prudential, is sticking by its claim that it will break even by December 31, 2001