Start up income protection provider, British Friendly, has announced its new business figures for its first six months of trading.
Since launching BFS Protect in April this year, the company has:
• received over 1,000 BFS Protect applications from intermediaries
• written more than 600 policies with annual premium earnings in excess of £300,000
• registered more than 650 advisers so far
• offered terms for 92% of applications
• gone from a standing start in April to regularly receiving 300 applications each month
• maintained its existing paid claims ratio of 98% across all IP products
Mark Myers, CEO for British Friendly, said: "We're delighted with our success over the first six months and expect APE to reach £1m by the end of our first year.
"We would like to thank each of the advisers who have taken an interest in our new proposition and also thank them for their ongoing feedback."
The BFS Protect income protection product, which was designed with intermediary feedback, offers own occupation cover throughout the life of the policy, and provides cover to a retirement age of 70.
Matt Morris, Senior Policy Adviser for specialist protection intermediary LifeSearch, commented: "The arrival of British Friendly Society six months ago has given fresh impetus to the Income Protection market.
"For many years Income Protection has, quite wrongly, been the poor relation of protection advice however, with BFS proving themselves, as well as new initiatives across the market, this will hopefully begin to change."
