DAS report 2007 profits up 82%
by David Masters
Story link: DAS report 2007 profits up 82%
DAS UK Holdings has announced its 2007 results, with headline profits increasing by 82% to £10.3 million.
The holding company for DAS Legal Expenses Insurance Company also reported an 8% increase in gross income, which reached £109 million. Underlying premium growth was also high, at over 20% (net of commission payments).
After exceptional items are excluded, pre-tax profits for 2007 were up 28% compared to 2006, whilst net premiums were up 15%.
Staff numbers employed by DAS reached over 500 for the first time ever during 2007, reflecting a general business expansion and the January acquisition of Amicus Legal.
DAS chief executive, Paul Asplin, said of the results: “We’re extremely pleased with the 2007 results and with our continued growth and success. It’s a testament to our teams and their expertise, to our acquisition successes and integration, and to the establishment of DAS Legal Services.
“Our Republic of Ireland branch also continued to perform well in 2007, in spite of some softening of rates in the Irish market, and we continue to investigate other potential overseas markets and anticipate developments in this area in the foreseeable future.
“Our achievements are all the more significant when we consider the current state of the legal protection insurance market. It has been a difficult year for many and, with FSA intervention in the ATE sector and Government proposals to revise the rules regarding the recoverability of ATE premiums currently in the balance, this looks set to continue.
“Looking to the future, we are continuing to examine further acquisition opportunities and we remain confident that further profitable growth can be achieved, in spite of the market challenges that clearly exist.”