Lloyds TSB Insurance is aiming to sell 500,000 private car policies a year, according to acting managing director Mike Mitchell. In 2002, it is understood the bancassurer sold 300,000 motor policies.
The personal lines giant claims it benefited from an 84% surge in motor policies in the first half of the year, and Mitchell wants it to grow further.
He said: "The first half of the year saw a big rise in motor business so this is an area we are aiming to expand. We'd like to generate half a million motor policies annually, within the next couple of years."
The bullish outlook was delivered as Lloyds TSB Insurance revealed it had suffered an 8% drop in pre-tax profits to £355m for the first six months of the year. The fall in profits was caused by a 16% drop in commission income from creditor policies, which it blamed on the downturn in personal loans.
Despite the fall in profitability, Lloyds TSB Insurance posted a 20% surge in its household premiums income to £198m in the first half of 2003, which in turn fuelled an 11% rise in underwriting income to £261m. It also claimed it is the largest distributor of personal lines general insurance in the UK.
"With over 9 million policies in force as at 30 June 2003, an increase of 7% from 30 June 2002, Lloyds
TSB Insurance is the largest distributor of personal lines general insurance in the UK," it said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
