Halifax Bank of Scotland's (HBOS) insurance arm generated a 20% surge in sales to £747m during the first half of the year.
Halifax Bank of Scotland's (HBOS) insurance arm generated a 20% surge in sales to £747m during the first half of the year.
Announcing its group-wide results, HBOS said its insurance arm - esure - saw an 82% rise in motor policy sales to £89m. It also generated an 11% surge in household policy sales to £200m.
Overall, HBOS' insurance arm posted a 12% increase in pre-tax profits to £213m.
A HBOS statement said: "The positive momentum of the insurance business was maintained in the first half of 2003."
As announced earlier today by Insurance Times HBOS confirmed that from next year its household business (presently underwritten by Royal & SunAlliance) will be taken in-house. HBOS conceded the change would result in a £76m reduction in profits in 2004.
A HBOS statement said: "As an underwriter, HBOS will recognise its profits from household insurance later than has been the case as a commission earning introducer. This will have the effect of reducing reported profits in 2004, but not thereafter, by around £76m."
HBOS also confirmed its plans to launch a separate insurance brand in conjunction with Peter Wood in early 2004 were well underway.
