Daily Insurance Industry News
Daily Insurance Industry News
Monday 23rd of July 2018
August 25, 2010

Fortis reports biannual results

by Richard Kilner

Story link: Fortis reports biannual results

Fortis UK has reported its financial results for the first six months of 2010.

The firm saw non-life gross written premiums increase by almost 17%, from £401.6m in the first half of 2009 to £468.4m in the first six months of this year.

Fortis achieved a pre-tax profit of £8.4m, a welcome turn around from the loss of £3.2m incurred in the first quarter of the year.

However, this still falls far short of the H1 2009 pre-tax profit of £26m.

The period of the results also saw a substantial increase in Fortis’ customer base with the acquisition of Kwik-Fit Insurance Services adding 600,000 customers.

Fortis UK Chief Executive Barry Smith welcomed the robust results, achieved during a time of economic challenge in the UK.

Smith went on to say that he expected to see the improvements in the firm’s profitability from the first to the second quarter to continue into the year, and paid tribute to staff’s performance and the quality service they provided to the firm’s customers.


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