Fortis Insurance UK has reported total gross written premiums (GWP) for the first...
Fortis Insurance UK has reported total gross written premiums (GWP) for the first quarter of 2005 of £142.5m, 1% less than £144m for the same quarter in 2004.
Barry Smith, chief executive of Fortis Insurance, said: “The newly acquired Age Concern book, representing gross written premium of £90m annually, is an early success and we continue to broaden our presence across all our product range.
“In particular, we have made significant increases in household and travel and delivered a continuing strong performance in the small commercial market. Whilst GWP is down by 1%, as a result of market pressure in the private motor sector, our strategy of writing for profit and protecting our margins has again ensured that Fortis Insurance is ahead of plan on profitability.”
Fortis Insurance's household book saw a 9% growth to £26m GWP in Q1, from £24m in the same period last year.
GWP for the travel sector in Q1 was £9m (compared to 2004 Q1 of £7m).
GWP in the SME commercial sector grew by 19% to £9m. The self-employed product ‘Semploy', has delivered growth of 11% year on year to £5m, Fortis said.
Fortis Insurance's GWP in the private motor sector was £93m, a 7% drop from £100m in Q1 of 2004.
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