Premium funder’s profit jumps by a third

Premium funder’s profit jumps by a third | Insurance Business

Premium funder’s profit jumps by a third
Centrepoint Alliance Premium Funding has released a record high half-yearly result to the ASX. Reported pre-tax profit was $2.5m, which is 32% up on the previous corresponding period. Loan volumes improved by 19%.

Premium Funding CEO Bob Dodd said the results were a reflecting of “our team’s hard work and dedication, our loyal and growing support from our intermediary customers as well as the recent industry consolidation”.

“Combined, these factors provided us with the perfect opportunity to improve the number of active insurance brokers providing business. These improved 24% on the previous period.”

Centrepoint Alliance invested in enhancements to IT systems and processes, launching BrokerPoint last April. This has resulted in positive changes in both cost to income ratios and customer satisfaction.

“These improvements are greatly benefiting productivity within our business and we now have the capacity to continue to grow beyond industry average whist ensuring an absolute focus on our intermediary customers.

“Consistency and reliability of high quality service, local focus with national support and a continued development of staff are key. The business also improved its funding terms with its bankers to support the long term growth strategy endorsed by full support from all stakeholders,” said Dodd.

Parent company Centrepoint Alliance Limited reported an underlying pre-tax profit of $4m, leaving it in good stead to continue its transformation with the commitment to being the leading and most highly respected, client-centric financial services business in Australia.