ARAG plc, a provider of legal expenses insurance and assistance, has reported growth and profitability for the 2023 financial year. Despite the ongoing process of integrating DAS UK, leading up to its acquisition by ARAG, the company has shown an upward performance across key metrics.
The gross written premium (GWP) under management witnessed an uptick of 8.6%, reaching £66.1 million compared to £60.9 million in 2022. This growth was primarily fuelled by a surge in before-the-event (BTE) legal expenses insurance and assistance business. A particular uptick was shown in the 26% increase in commercial BTE risks insured by ARAG.
In terms of financial performance, ARAG plc recorded a profit of £0.8 million for 2023, a substantial rise from £0.5 million in the previous year. This marks the 14th consecutive year of growth for ARAG UK.
ARAG’s after-the-event (ATE) business also experienced growth, facilitating the recovery of over £500 million in compensation for ATE clients whose cases were settled in 2023 alone.
Managing director Tony Buss expressed satisfaction with the company’s performance, stating: “I’m very pleased that we delivered another great result and successfully maintained ‘business as usual’ while completing the pre-acquisition integration of DAS UK.”
Looking ahead, ARAG anticipates exciting prospects as it explores the synergies resulting from owning both a law firm and a primary insurer. The completion of the acquisition of DAS UK in January 2024 marks a significant milestone for the international ARAG Group, with integration efforts already well underway.
