Peterborough insurance giant reveals huge hike in revenues

Matthew Donaldson, chief executive of Peterborough-based BGL Group.
Matthew Donaldson, chief executive of Peterborough-based BGL Group.
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Insurance giant, the Peterborough-based BGL Group, has reported a revenue growth of 14 per cent over six months.

The group, which employs 1,800 people at its offices in Bakewell Road, Orton Southgate, says it has enjoyed a strong start to its financial year.

Meerkats Aleksandr and Sergei - the advertising figureheads of BGL's comparethemarket.com

Meerkats Aleksandr and Sergei - the advertising figureheads of BGL's comparethemarket.com

In its first trading update since shelving an expected flotation on the London Stock Exchange, the group says its revenues rose by 14 per cent for the six months to the end of last year.

The digital distributor of insurance and household financial services, which own brands include comparethemarket.com, says total customer numbers went up to 8.9 million.

Matthew Donaldson, chief executive, said: "We've seen a strong start to our financial year with significant growth across our business.

"We continue to innovate across all our operations, improving our digital offers, rewarding loyal customers, and building on successful partnerships with trusted brands.

"As the price comparison market in the UK continues to grow and evolve to meet customer demands, we continue to invest in our core capabilities of tech, data and marketing to drive initiatives that deliver simplification and greater personalisation for our customers."

Last November BGL secured a £675 million investment from an international investment company Canada Pension Plan Investment Board (CPPIB) in return for a 30 per cent stake in the company.

As a result the company dropped its long expected flotation on the LSE.

Mr Donaldson said: "CPPIB, an experienced global institution with a track record for supporting growth, joined us as a strategic investor towards the end of last year, a clear vote of confidence in both our performance and potential.

"Our focus remains firmly on our customers and putting them at the heart of everything we do.

"Over the past year we have embraced a significant regulatory change agenda as we prepared ourselves for the implementation of the General Data Protection Regulation (GDPR) and the Insurance Distribution Directive (IDD), both of which we believe are positive for our customers.

Mr Donaldson added: "I'm excited about what the future holds for the Group as we continue to drive the next stage of our growth."

Other highlight for BGL last year included the launch of its over 50s life insurance brand FiftyLife, BGL Customer Services named Best in Europe at European Contact Centre and Customer Service Awards, IDO awarded Excellence in Motor Broking at the 2017 Insurance Times Awards and life insurance business, Beaglestreet.com, winning Your Money Best Online Life Insurer (July 2017) and Moneyfacts Best Direct Life Insurance Provider (January 2018).

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