DESPITE a difficult overall trading environment for insurance firms, Western Australian-based
St Andrew’s Insurance has announced a 32 per cent jump in pre-tax profit for 2002.
The Halifax Bank of Scotland Group subsidiary posted a $2.63 million profit as it enters its sixth year of operation in Australia.
And St Andrew’s is expecting more good news, forecasting growth of 40 per cent this year and a projected profit of more than $4 million.
St Andrew’s originally was established to support the Bank of Scotland in providing consumer credit insurance and related financial insurance products for BankWest, which is controlled by the Scotland-based bank. But, in the past year, the group has expanded its income base.
Other Australian customers include Bank of Queensland, RAMS HomeLoans, RACV Financial Services, BMW Financial Services, Capital Finance, RAC Finance, IMB Ltd and HOME Building Society.
In 2002, St Andrew’s entered into a bancassurance relationship with Royal & SunAlliance, while in the past six months St Andrew’s entered the credit union market through deals with a number of Australian credit unions.
In 2003, St Andrew’s managing director and
WA Business News 40 under 40 winner John Van Der Wielen identified the mortgage broker market as a key strategic imperative.
“Our track record is allowing us to realise significant growth opportunities as potential corporate partners approach us to do business,” Mr Van Der Wielen said.
“We are duplicating the successful model developed in the UK and Ireland by St Andrew’s Group, which has seen the group grow to more than $1 billion premium per annum.”
