Brightside reports strong trading for H2 2010
Brightside Group has reported that it traded “very strongly” during the second half of 2010, with its general insurance businesses producing profits significantly ahead of expectations.
Policy sales increased by 68%, with all personal lines businesses growing ahead of plan.
Following the successful integration of eCar and eBike, which were acquired in July, the businesses are on track to make a positive contribution for the 2010 financial year of around £1 million, after the expected amortisation charge.
The group’s medical reporting business saw a 30% rise in instructions, however, its eLife unit continued to disappoint, having experienced accelerated lapse rates in the second half of the year from leads purchased from Internet-based distributors.
Brightside also notes that motor rates rose by 35% in 2010, adding that an expected further hardening of rates in 2011 will provide a positive backdrop for the broking business.
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