Strong BTE growth pushes ARAG past £60 million mark
Leading legal expenses insurance and assistance provider ARAG has reported another positive result for 2022, the company’s 13th successive year in profit.
During the year, the company’s overall gross written premium under management increased by 18.5% to £60.6 million (2021: £51.4 million), driven by strong growth in it’s before-the-event (BTE) legal expenses insurance and assistance business.
ARAG generated a profit of £0.5 million in 2022 (2021: £1.9 million), in line with target but down on the previous year which was boosted by the settlement of many pre-LASPO after-the-event (ATE) cases.
The number of ATE risks that ARAG insures dropped marginally over the year, by roughly 1.5.%, but the number of BTE risks continued to grow, increasing by almost 9%. ARAG’s book of Family Legal Protection business saw the strongest growth, expanding by more than 20%.
Last month, the international ARAG Group (ARAG Holding SE) based in Düsseldorf, reported growth of 9% in 2022, and premium income of more than €2.2 billion.
“I’m very pleased that we have been able to consolidate the strong position that ARAG had established as we emerged from the pandemic.” comments Managing Director, Tony Buss. “The last couple of years have heightened people’s awareness of the legal risks that they face and the need for legal protection. ARAG was well-placed to satisfy that growing demand.”
“Our great relationships with brokers and MGAs coupled with the reputation we have worked hard to build, over many years, has enabled us to grow accounts with existing partners while winning a significant volume of new business.”
Authored by ARAG
ARAG UK is a specialist legal insurance provider and is part of the internationally recognised ARAG Group which serves 14 countries worldwide.
Providing several emergency assistance insurance products and an innovative range of Before-the-Event and After-the-Event legal insurance products and services, ARAG UK prides itself on its client-focused approach. This has been recognised by the industry following the results of the Insurance 360 Legal Expenses Insurers Study in which ARAG UK was voted 'best legal insurance provider'. youTalk-insurance sharing ARAG UK insurance news.