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General insurance buoys iSelect earnings

iSelect’s general and life insurance business generated $14.4 million in operating revenue for the half-year to December 31, up 8% on the corresponding period of 2015.

The comparator does not give an earnings breakdown for the two product areas, but says its growing general insurance business made up for the under-pressure life segment.

General and life insurance earnings before interest, tax, depreciation and amortisation fell 26% to $2.5 million, partly dragged down by pressure on life margins.

The comparator’s overall operating revenue grew 18% to $78 million, gross profit increased 52% to $25.2 million, and net profit was $2.6 million, following a $4.2 million loss in the corresponding period of 2015.

CEO and MD Scott Wilson says he is confident of continued strong growth for the financial year and beyond.

He says the comparator is on course to meet its $21-$24 million earnings before interest and tax guidance.

iSelect offers consumers price and product comparisons on car, home, life and health insurance, home loans, electricity and gas, and broadband.