Virgin Money Group has reduced its travel insurance business in the first half of 2017, saying that some pricing has become uneconomical.

“Our optimism in the insurance segment remains, however, as progress with life insurance has been strong and we expect to enter further insurance partnerships in the months ahead,” said the company when it released its half-year results.

Underlying profit before tax rose 26% to £128.6 million, from £101.8 million in the same period last year. Virgin Money said its disciplined approach to lending growth and high underwriting standards delivered 7% growth in customer loan balances.

“We will continue to drive growth, quality and returns, put customers at the heart of everything we do, and we remain on track to sustain a solid double-digit return on tangible equity (RoTE) in 2017,” said chief executive Jayne-Anne Gadhia.

Meanwhile, Virgin Money also announced it will become Virgin Atlantic’s UK retail financial services partner in 2018.


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