BGL Group Profits Increase Strongly On Financial Period

Insurance intermediary the BGL Group has today announced strong growth and profit figures for its accounting period to the end of June in what has seen it set new record highs in both areas.

The group formerly known as the Budget Group today released their accounts for the accounting period ended June ’07, which saw record profit figures and strong growth on previous years. Profits for the period, before tax, were up over 90% on a year earlier to £43 million as a result of its expanding distribution networks and growing brand strength across market sectors.

The group has also realised a growth of over one third in the total number of insurance policies on its books, which were reportedly up to over two million across its different brands and market sectors, news which was welcomed by executives and shareholders alike as the results were unveiled.

Of particular note was the success of its independent comparison website comparethemarket.com, which saw impressive results emerging from an extensive marketing campaign and strategic industry-specific partnership agreements.

Additionally affinity insurance provider Junction grew to over 1,000,000 policies in total, whilst niche motorcycle insurer Bennetts increased its foothold in the market to over 200,000 policies under management, marking its position as one of the industry’s major players.

Speaking today on the results, Group chief executive Peter Winslow said that the entity’s extremely successful year had been down to innovation within emerging markets and leveraging existing successful brands, whilst pledging that the group shared ambitions of further growth and expansion over the coming financial year.

It remains to be seen whether the Group can continue its impressive growth across brand sectors, and whether it can continue to enjoy the fruits of synergy between comparethemarket.com and its leading insurance brands.

Category: Business Insurance News, Financials