Principal Insurance Group has revealed a near 500% increase in post-tax profit for its most recent financial year amid soaring sales across the company’s portfolio.
The insurance group, which was only founded in 2011, recorded profits of £318,480 in the 2015-16 fiscal year, a whopping 483% increase from £54,643 in the previous year.
Pre-tax profits rose from £21,622 to £327,109 as turnover increased by over 140%, from £1.57 million to £3.77 million. Gross written premium also breached the £10-million mark, doubling last year’s figure.
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The latest financial results follow the stunning growth reported during the previous year as Principal Insurance broke into profitability 12 months ahead of its business plan.
“This tremendous set of figures highlights the robustness of our business model and its potential to deliver significant and sustained long-term growth,” said Principal Insurance executive chairman Damian Keeling.
Keeling said all business lines benefited from significant growth, with the company now serving over 30,000 customers. Increased marketing that included the first title sponsorship of a national bike show boosted the motorcycle insurance business. Growth in the specialist classic, custom, kit, replica and prestige car insurance operations was also fuelled by a highly targeted marketing drive.
Principal has likewise claimed about 10% share of the motorcycle market in Dublin, where the product offering has also expanded with the launch of private car and home insurance lines.
“We are recording and forecasting solid growth for this year across what are now our established lines of motorcycle, van and specialist motor insurance,” Keeling said.
“One of our more exciting prospects though is our commercial insurance operation which is smashing targets and demonstrating that the success of our model will not be restricted to personal lines,” he added.
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