Pre-tax profits rise to £43m despite tough market conditions
Fortis Insurance UK has reported pre-tax profit of £43.3m in the first half of the year, more than double its profit in the same period last year.
Gross written premiums fell marginally fro £382.9m last year to £365.3m in the first six months of 2008. The decrease in premiums reflected lower private car premiums.
The company said the result was driven by a focus on profitable underwriting and cost control. The 2007 performance was also severely impacted by last summer’s severe flooding.
Fortis reported growth across its retail business, comprising RIAS and OutRight, with commission income rising 3.4% in the first half of the year to £43.3m.
Barry Smith, chief executive of Fortis UK, said: “In the face of the current market conditions we have achieved strong performance in the first half of the year, while building the future of the company through innovative products and distribution width.”