26th Jun 09
Tesco to increase presence in UK insurance sector
by Harry Oldfield
www.tesco.com
UK retailer Tesco has revealed that if a proposed deal is agreed with Fortis, it will increase its presence in the British insurance market. According to the terms of the deal, the Dutch-Belgian insurance giant would provide car and household insurance to Tesco’s insurance customers.
In a deal that seems very likely to be concluded, the Royal Bank of Scotland, Tesco’s current partner, would lose out in a growing business that currently brings in more than £500 million per year in premiums.
Although Tesco continues to maintain its hold on the supermarket sector, the company has plans for expansion in the areas of insurance, mortgages and personal finance as well.
Tesco’s contact with millions of consumers in the UK on a daily basis is the critical element in its plan to expand the insurance business, and will see the retailer adding more competition to Britain’s financial sector.
Regulators would have to approve the deal, although it is not anticipated that there will be problems in this regard. The joint-venture could be issuing insurance policies for Tesco customers in around 12 months.
For more information on this article please visit financialadvice.co.uk.
www.tesco.com
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