Insurance company Swinton has said its vigorous strategy of acquiring other businesses has seen its income boosted by nearly a third despite it being a difficult year in the insurance market.
The Manchester-headquartered company made 33 acquisitions in the year to December 2009, writing down more than a million new policies and growing its net income by 29.4 per cent to £263.2 million.
Its acquisitions saw it add 116 new branches to its UK-wide portfolio, which now stands at a total of 603.
Chief executive Peter Halpin investing in high street branches through acquisitions has seen it stand in opposition to competitors, many of whom have sacrifices their high street presences in favour of focusing on online sales.
He said, "Adding 1 million extra policies in 2009 is an impressive demonstration of our growth-through-investment plan, which we will continue through both strategic acquisitions and organic growth over the next five years."
He explained that their investment in on and off-line channels is planned to continue into 2011. The company's headcount rose in the year to December 2009 from 3,383 to 3,654 and Mr Halpin said he could firmly credit their approach to business with encouraging brand loyalty and winning new customers.
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