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Motor insurance drives HBOS profits

4 March 2005

The performance of Motor Insurance in the latest results from banking giant HBOS suggest that the market remains strong.

HBOS enjoyed total profits of £1.73 billion from its insurance arm in 2004, as the sector continues to prove profitable.

The figure represents a nine per cent increase on 2003, and bodes well for the firm's future.

The figures reflected the relatively successful launch of the company's First Alternative Motor Insurance.

Premium income was up 34 per cent as the sector enjoyed the biggest sales hike of any of HBOS' offerings.

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