Tesco, the UK’s largest retailer and a company making a big push
into retail financial services (see RBI 610), is reviewing
a number of its existing insurance affinity deals, with Belgium’s
Fortis reportedly in line to win the contract to manage the
household and auto insurance business, worth more than £500 million
($820 million) a year in premiums.

Fortis, which already provides insurance for a
number of UK retailers, including Marks & Spencer, would
replace Tesco’s long-standing partner Royal Bank of Scotland, whose
Direct Line unit lost Tesco’s life business to Friends Provident in

Tesco’s financial services arm, set up 12
years ago, has built up a customer base of six million people with
28 products on offer. In the UK, it currently holds market shares
in the car insurance and credit card sectors of 4.5 percent and 7.5
percent respectively and since the start of the year, has increased
its total retail savings book by around £2 billion to £4.5

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.