Source:
esure - the HBOS/Peter Wood joint venture insurer - has moved into profit for the first time, three years after its brand launch, declaring a profit close to £1m within HBOS plc's interim results.
Sales of insurance by the three esure brands - esure (motor and home), Halifax Car Insurance and Sainsbury's Bank Car Insurance - generated gross written premiums underwritten by esure of £129m* for the six months to 30 June 2004, a 29% year-on-year increase.
esure's total policies-in-force now stand at over 850,000.
The move into profit is in line with the company's original four-year prediction.
Peter Wood, Chairman of esure, commented: "We are pleased to have moved into profit, particularly given the highly competitive car insurance market conditions we have seen in 2004 so far.
"esure's awareness has grown rapidly since launch, making the brand a household name, and we have managed to deliver good growth from this awareness during the last year. Enormous work has gone into this result which is thanks to a combination of esure's strong marketing, internet efficiencies and careful underwriting."