The DAS UK Group [1] increased gross written premiums by 16% in 2011, returning a profit of almost £7m after tax.
The Group wrote premiums and other technical income totalling £161.3m during the year (£138.9m in 2010), and posted an after-tax profit of £6.97m compared to a small loss of £0.47m in 2010.
The result marks a significant improvement for the Group, which was hit by dramatically increasing claims frequencies and costs during the recession.
Chief executive Paul Asplin said: “I am particularly pleased that we returned to profitability last year, as we forecast in 2009, and achieved a result well ahead of the targets we set for the Group then.”
“Claims frequencies are still very high and awareness of legal protection has grown, so we are unlikely to see them return to pre-recession levels. However, people are also much more aware of the great value and protection that legal expenses products provide.”
The Group ended 2011 with the important acquisition of Everything Legal Limited, owner of the popular legal advice website Law on the Web [2] and has started 2012 by applying to the Solicitors Regulatory Authority for authorisation to acquire a law firm.
“These are particularly exciting times for the Group as we embark on a number of key projects to broaden our presence in the market for legal services.” continued Paul Asplin. “So, it is satisfying that the Group’s core business is performing so well in what remain difficult economic times.”