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Fortis UK records £2.7m in new life annual premiums

Fortis Life UK has recorded £2.7m in new annual premiums since its launch in July last year.

Fortis Life UK, which entered the UK protection market last year offering real life cover and your life plan, has served over 11,600 customers making the provider £2.77m in new annual premiums.

In its financial statement for 2008 released today, Fortis UK chief executive Barry Smith said: “I am pleased to report continued growth in 2008, despite the ongoing challenging market conditions. Our focus has remained on the delivery of sustained operational efficiency, especially with claims management, and the delivery of high levels of service to our brokers, partners and customers.

“We have achieved an enormous amount in a short space of time, doubling our profit and premium income over recent years.”

Smith says the provider is now planning a series of new product launches in 2009 and 2010, and is also looking at new distribution channels, particularly in the protection markets.

He said: “Our results demonstrate the success of our multi-channel strategy, which combined with our continued innovation and service excellence will provide a strong platform for growth in 2009 through 2010. This growth will lead to the creation of approximately 150 new jobs in our business in 2009. We remain resolute in our approach to deliver high quality and sustained profitable earnings through our underwriting discipline.”


Consolidate with destiny

The reasons behind the FSA’s desire for IFA businesses to be better capitalised, for advisers to be better qualified and for initial commission to be consigned to history have already been commented on widely in the press. Implementation of these measures, in line with last year’s retail distribution review, will undoubtedly help to professionalise and raise the esteem of the IFA industry.

Recovery position

Rathbones boasts one of the oldest brands in financial services, originally founded in 1742 as a Liverpool timber and shipping merchant.


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