RBSI reveals referral fee income is 7% of profits
RBSI pulled in £15m in referral fees in the first six months of this year, it has emerged.
It means RBSI – owner of Direct Line, Churchill, Privilege and affinity specialist UKI – pulled in referral fees which account for more than 7% of its £206m profits for the first half of this year.
It puts RBSI roughly in line with Admiral, which last month revealed around 6% of profits came from referrals.
The largest personal lines insurer also revealed to analysts today that its price increases have been at least 10% above the market average increases since the beginning of the year, although that gap is beginning to now close.
RBSI, which has ploughed in £800m to strengthen reserves over the last two years, assured analysts that it was reserving prudently. Net reserves are £5.1bn, more than 13% higher than they were two years ago.
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.
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