HOUSEHOLD appliance insurer Domestic & General yesterday said flat investment returns and higher claims had sent full-year pre-tax profits down 14pc to £12.6m.
The Wimbledon-based group blamed falling interest rates and fluctuating equity markets for leaving investment returns in the year to June 30 “broadly in line with last year”. D&G added it had also seen higher claims on its warranties while a recovery in its support services division, which runs call centre services, had arrived too late to boost the division’s “disappointing” annual results.
Chairman Nicholas Rochez said, however, that the high level of growth in the warranty division had buoyed confidence.
The company provides warranty protection for more than five million domestic appliances and processed in excess of 1.4 million claims last year.
>From ic Liverpool