Protection provider PruProtect has posted record results for the financial year to 30 June 2012.

The business, jointly owned by Discovery and Prudential, has reported an increase in new business premiums of 39% compared to same period in 2011, with annualised new business sales of £36.4 million.
Its intermediary market share was also up, to 8.7% (Q1 2012) from 5% (Q1 2011).

Meanwhile, gross operating profit was a record £16.9 million, up from a loss for the same period in 2011 of £7.8 million.
“New business levels have risen once again as we tap into new sectors of the market and build on relationships our unparalleled business consultant team have already established,” said Herschel Mayers, CEO for PruProtect.

“To have delivered such an impressive profit in such a testing economic environment, is testament to our ethos of innovation and added value. I have no doubt that this success will continue through the next financial year and beyond.”