By Legal Futures Associate ARAG
- 8.6% growth in GWP under management
- 26% increase in commercial BTE risks
- 14th successive year in profit
- £½ billion recovered in year with ARAG ATE policies
Market-leading legal expenses insurance and assistance provider ARAG has reported solid growth and profit for the 2023 financial year, during which the company began the process of integrating DAS UK, in the run-up to the completion of its acquisition by ARAG SE.
Overall, ARAG plc’s gross written premium under management increased by 8.6% to £66.1 million (2022: £60.9 million) driven by strong growth in its before-the-event (BTE) legal expenses insurance and assistance business.
The number of commercial BTE risks insured through ARAG saw the biggest increase, growing by more than 26% on 2022.
The busines generated a profit of £0.8 million in 2023 (2022: £0.5 million) a significant increase on the previous year and above target, marking ARAG UK’s 14th successive year in profit.
ARAG’s after-the-event (ATE) business also grew during a year in which its policies helped to recover more than half a billion pounds in compensation, just for those ATE clients whose cases were settled in 2023.
Commenting on the figures, Managing Director Tony Buss said:
“I’m very pleased that we delivered another great result and successfully maintained our ‘business as usual’ while completing the pre-acquisition integration of DAS UK.”
Our core, BTE legal expenses and assistance business grew very strongly, particularly for commercial customers, and our ATE book is also performing well.
ARAG’s overarching commitment to extending access to justice is underscored by the tens of thousands of people we have helped to rebuild their lives, who might otherwise have been left without recourse.
This is an especially exciting time for ARAG as we continue to explore the huge opportunities that ownership of a law firm and a primary insurer will bring to our growing business.”
The international ARAG Group (ARAG SE) announced the purchase of DAS UK in July. The acquisition was completed at the start of January 2024 and integration of the two businesses is already well underway.
