Swiftcover racks up £10m loss for 2011
Swiftcover Insurance Services recorded a £10.7m post-tax loss for the year ended 31 December 2011, a substantial fall from the £291,000 profit recorded for the previous year.
The Axa-owned motor insurer - famous for its Iggy Pop-fronted adverts - also registered a pre-tax loss of £13.4m, compared to a profit of £932,000 for 2010, according to documents filed at Companies House.
However, the figures were tempered by Swiftcover Insurance Service's in-force policy count rising to 1,242,788, up on the 829,377 recorded for 2010.
And the insurer's gross written premium also rose substantially to £478.1m for 2011, which was an increase on the £308.6m posted for the previous
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