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.
No comments yet