The UK's biggest premium finance house Premium Credit is set to reach the £1 billion of premium advances by December.

It will represent a 35% increase in sales over the year. Last year Premium Credit processed just over £700m of premium advances.

Director of sales and marketing Simon Moran said the growth was split evenly between personal lines and commercial lines business. He added that the exclusive deal Premium Credit struck with Independent Insurance has yet to make its full effect.

"The relationship is still in its infancy," he said.

Premium Credit won a contract in May to act as the insurer's premium finance house, which one rival said would be worth in excess of £200m in premium advances a year.