Insurance software firm The Innovation Group (TIG) has posted year-end profits of £17.6m, more than four times last year's figure of £3.6m.

The company, which provides claims processing management systems to companies such as CGNU and IBM, said it had not seen any reduction in client investment since last month's US attacks.

The group has also announced it hastaken an 18% stake in company Glassplus, set up as an online marketplace for the vehicle glass repair and replacement industry.

TIG is currently valued at £430m.