BGL Group, a leading digital distributor of insurance and household financial services, which owns brands including comparethemarket.com, LesFurets.com and BeagleStreet.com, has announced year-on-year growth in revenues of 14% for the six months to 31 December 2017. Total customer numbers increased to 8.9m.
.com’s much-loved brand, digital marketing capability and ongoing growth in breadth products continued to drive increased demand for its comparison service; French comparison site LesFurets.com widened its offering to include mortgages; and the company’s Insurance Distribution and Outsourcing (IDO) division continued to grow its partnerships business, Junction, as well as its life business.
Chief Executive, Matthew Donaldson, 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.
“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.
“I’m excited about what the future holds for the Group as we continue to drive the next stage of our growth.”
Group-level highlights for H1 2017/18:
• Group revenue growth of 14%
• Strategic investment by CPPIB (Canada Pension Plan Investment Board) as it takes a 30% stake in BGL Group
• Over 50s life insurance brand FiftyLife launched to further strengthen BGL Life offering
• 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
• Life insurance business, Beaglestreet.com, wins Your Money Best Online Life Insurer (July 2017) and Moneyfacts Best Direct Life Insurance Provider (January 2018)
BGL Group: Caroline Raines, Group Communications Director
Telephone: 07891 639333