Outsourcing insurers lift firm’s profits

INNOVATION Group, a supplier of outsourcing services to insurers, yesterday said major new client wins such as RBS Insurance helped boost its pre-tax profit by 54 per cent to £15.1m in the past year.

The firm said revenues rose nine per cent to £175.9m, while in Europe revenues rose 12 per cent as all businesses apart from its Spanish arm grew.

Innovation separately said it bought an Australian claims specialist for £13m, and said it expected more growth in 2012.

“We feel strongly that we have now moved from being a ‘turnaround’ business to a business delivering sustainable and profitable growth,” it said.