Simples! Peterborough insurance giant enjoys record sales and profits

A major employer in Peterborough has reported record sales and profits.

Tuesday, 9th October 2018, 7:11 am
Updated Tuesday, 9th October 2018, 10:54 am
Sergei and Aleksandr meerkats with comparethemarket.com's successful Movies and Meals deals,
Sergei and Aleksandr meerkats with comparethemarket.com's successful Movies and Meals deals,

Insurance giant BGL, based in Bakewell Road, Orton Southgate, where it employs about 1,800 people, has reported revenue at £660.9 million, up 13 per cent on the previous year, while underlying profit before tax was up 16 per cent to £146.9 million.

Customer numbers across the Group grew by 12 per cent to 9.5 million.

Its UK price comparison site Compare the Market saw customer numbers grow by 1 million over the year.

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Matthew Donaldson, chief executive of the BGL Group.

The company says a growing number of customers returned to buy more than one product, while take up of products beyond the core of motor and home insurance, such as energy, phone, broadband, life, travel and pet insurance, increased significantly year on year.

In France, LesFurets.com had its strongest year to date, as it broadened its product offering into energy, current accounts, mortgages and consumer loans.

Chief executive Matthew Donaldson said: “By helping people compare, switch and save across an ever broader range of products in our Price Comparison Division and continuing to develop our digital customer proposition, we’ve gained additional customers this year, supporting the delivery of another record set of results in terms of profit and revenue.

"Our Insurance, Distribution and Outsourcing Division has had a good year, strengthening our multi-channel offering for customers in an increasingly digital marketplace, and with a step change in the growth of our Life business."

BGL Group Pegasus House head office, Peterborough.

One of the highlights of the year for BGL was a £675 million cash injection from Canada Pension Plan Investment Board (CPPIB), which took a 30 per cent share of BGL Group in a dela that was completed in April.

Mr Donaldson said: "It’s been a milestone year for the Group as a whole, marked by significant investment from CPPIB demonstrating confidence in our growth potential.

"By investing in our people, including through our newly launched BGL Academy, and in technology through our digital innovation agenda, we are building a strong foundation for the future of all our businesses.”

BGL's impressive results also saw it sail up the Sunday Times' top 250 UK most successful mid-market companies for sale performance - up from 12th place last year to fifth position this year.

Mr Donaldson said: "“I’m delighted to hear that BGL has entered the top five of the Sunday Times Grant Thornton Top Track 250 in our 25th year of trading. “In our first quarter century, we’ve helped millions of customers, created some iconic brands and achieved sustained profit growth.

"Our progression in this Sunday Times league table reflects that growth and our desire to continually offer innovative products and services for our customers.”