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Daily Insurance Industry News
Thursday 22nd of February 2018
November 13, 2007

Fortis Announced Improved Q3 Results

by Stewart Douglas

Story link: Fortis Announced Improved Q3 Results

Insurance group Fortis has today announced its third quarter results, showing strong increases in revenues and profit margins over the period in line with its competitive growth strategy in private insurance and commercial insurance lines.

The company today announced growth across performance indicators as a result of increasing cost efficiencies and several notable project collaborations with other insurance service providers and consumer brands.

The company reported an increase in gross written premiums over the third quarter, growing beyond 12% from last year’s figures to reflect a GWP of over £580 million, reflecting its ongoing commitment towards diversified growth and corporate expansion.

It was also predicted that double digit growth across the whole operation would continue over the coming two years, fuelling further confidence in the long term outlook for the insurance group.

The rate of GWP growth in motor lines was up to 20% over the period on the year, compared to growth of just under 10% on the period last year in commercial insurance lines, beating standard industry growth across general insurance retailers and brokers.

Speaking today on the results, chief executive of Fortis Barry Smith said that the company was delighted with the results, which it could attribute to ongoing strong growth and strategic partnership agreements with AIG, DSG International and Kwik Fit’s insurance subsidiary Green Insurance, with which it provides proprietary environmentally focused insurance cover.

He also commented that the group’s UK affinity market was showing continued strength, with the likelihood that it would continue to be bolstered by their aggressive product retail strategy and widespread distribution network.

It remains to be seen whether year end figures will meet previous targets, and whether or not the company will sustain its current rate of growth within its core market segments.

 

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