The insurance division was the best performer in Misys' half year results, with revenues increasing by 66% from £92m to £153m and operating profit rising from £8m to £13m.
Insurance activities were said to have made significant progress, reporting strong profit growth both from continuing operations and acquisitions.
This was despite significant investment in Oasys, the web-enabled system for general intermediaries. The outlook for top line and profit growth in the area was said to remain good.
Expenditure within internet services increased to £11m in the period, reflecting the increased investment in portal initiatives. The rate of spend is due to accelerate in the second half, with total investment in the year estimated to be £25m to £30m.
Within the division, the evolution of Screentrade into a more broadly based personal financial services portal under Theformula brand was said to be making good progress. The number of policies sold was said to have doubled in the last six months.
But Misys conceded that arrangements to ensure full connectivity to the appropriate insurers products was taking longer than expected.
I2i-link, Misys' B2B portal, was expected to make good progress in the months ahead. Misys said it was continuing to explore the possibility of further partnerships.
Misys' managing director, John Sussens said: “We are talking to a number of other insurers.” But Sussens discounted suggestions that Misys was disappointed with the level of response from insurers towards I2i-link. The six it linked up with last year have yet to be added to.
Misys' chairman Kevin Lomax was bullish about the technology and said the biggest uncertainty was at what rate consumers would take up this kind of trading.”
