Over 50s insurance broker RIAS made a profit after tax of £18.4m in 2010, up 4% on the £17.8m it made in 2009.
The Ageas-owned firm’s revenues increased 4.6% to £84.3m in 2010 from £80.6m in 2009. This was partially offset by a 7.5% increase in cost of sales to £36.8m from £34.2m. However, the company’s expense ratio – cost of sales and administrative expenses as a percentage of earned commission income – remained static at 69%.
The results also reveal that while the pace of revenue growth at RIAS is increasing (2010’s 5% growth compares with 4% in 2009 and 0% in 2008), the rate of profitability growth is declining. 2010’s 4% growth in profit before tax compares with 10% in 2009 and 15% in 2008.
RIAS paid a dividend of £17.8m in 2010, up from £16m in 2009. Shareholders’ equity increased to £20.7m from £20.1m.
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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