06 February 2017

Financial results show soaring sales

We’re delighted to report that the Principal Insurance group reported a near 500 percent increase in post-tax profit for our 2015-16 financial year as sales across our portfolio continued to soar.

The group booked retained profits of £318,480 (£54,643), up 483 percent on the previous year. Pre-tax profits grew at an even faster rate rising to £327,109 (£21,622) as turnover increased by over 140 percent to hit £3,772,253 (£1,567,440). Gross written premium breached £10m, double the tally for the previous year.

The figures follow the strong performance we recorded the previous year in which the group, which was founded by Dave Bowcock (pictured above, left) in 2011, broke into profitability 12 months ahead of its business plan.

Our executive chairman Damian Keeling (above, right) has hailed the results saying: “This tremendous set of figures highlights the robustness of our business model and its potential to deliver significant and sustained long-term growth. Our focus on specialist markets and accompanying commitment to attentive, personal service runs counter to the volume and price-led digital trend.

Our proposition is value-led, it’s about ensuring our clients benefit from appropriate and effective cover, whether they’re looking to insure a custom motorcycle, prestige car or works van.”
Mr Keeling said that all its lines benefited from significant growth with the group now serving over 30,000 customers. Motorcycle insurance, which was the first line the group launched, benefited from increased marketing which included the first title sponsorship of national bike show. Similarly, our  specialist classic, custom, kit, replica and prestige car insurance operation saw massive growth courtesy of a highly targeted marketing drive.

During the year our Dublin operation, which only opened in April 2015, claimed a near ten percent share of the Irish motorcycle market. It has since expanded its offer to embrace custom, classic, trikes and high value bikes as well as launching private car and home insurance lines.

Reporting strong current trading Mr. Keeling said: “We are recording and forecasting solid growth for this year across what are now our established lines of motorcycle, van and specialist motor insurance. 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.”

Based in Manchester and led by Matthew Byrne, the Commercial division now offers an extensive portfolio that includes motor trade, fleet, courier, public liability, employer’s liability and SME business insurance.

Business insurance for SMEs

Matthew Byrne heads our Commercial insurance operation

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