1st March 2004
Leading income protection provider, UnumProvident, has today announced record-breaking financial results for 2003, a year which has surpassed all expectations with new business premium growth of 45 per cent.
Profit before taxation increased by 123 per cent to £94 million compared with a profit figure of £42 million in 2002. Earned premiums, net of reinsurance, increased by £264 million, or 100 per cent and new business premiums grew by £21 million, or 45 per cent.
At the same time, total benefit claims paid during 2003 totalled £164 million, an increase on 2002 of 23 per cent or £31 million and the number of lives covered grew from 905,000 at the end of 2002 to approximately 1.34 million lives at the end of the year. Over the same time, the number of Group schemes rose from 10,690 to 14,105.
Commenting on the results, Susan Ring, UnumProvident's UK Chairman and Managing Director, said:
I am delighted to report our best year ever both in terms of profits and growth for the business.
Whilst 2003 was always going to be a challenge with the integration of a new business centre in Basingstoke, following the Sun Life Financial of Canada acquisition, and continuing to grow the business profitably it has surpassed my expectations.
Our financial performance speaks for itself and shows that our strategy for expansion is working. Two of our major objectives for this year, in continuing our growth, will be to listen better to our customer needs and to combine this learning with our unique expertise to expand the Group Income Protection market and to strengthen our presence in the Individual Income Protection market.
We recognise that the UK population is still seriously under-protected against the risk of disability during working life and we will continue actively raising awareness of these issues through industry and the community.
ENDS