British mortgage lender Abbey National today said it aims to increase the number of general insurance policies it has in force by around 40 per cent over three years from #2.0 million sterling.
Growth will be achieved particularly within motor insurance, predicted to grow by over 150 per cent, creditor insurance, expected to increase by over 50 per cent, and home contents insurance, predicted to increase by over 30 per cent.
Abbey National also said it has sold to Norwich Union its 15 per cent stake in CGUUL - the joint venture underwriting company set up by Abbey National and Commercial Union in July 1995 - for #25.8 million, and has withdrawn from general insurance underwriting in order to focus on retailing.
AFP