Perth-based insurer St Andrew’s Insurance has made a record profit of $2.63 million for 2002, and recorded a 32% rise in profit despite what it described as tough market conditions.

The credit insurance specialist, which is part of the Bank of Scotland Group (Bankwest owns 25%), expects to grow by more than 40% this year and has projected a 2003 profit of more than $4 million.

MD John Van Der Wielen said St Andrew’s has “avoided the market slump” by offering low-risk services.

Last year St Andrew’s entered into a bancassurance relationship with Royal & SunAlliance which offers a service and sales model to financial institutions.

Mr Van Der Wielen said St Andrew’s will explore the mortgage broker market as its next challenge. He said the company’s growth is due to a good “track-record, high-quality service and innovative products and procedures”.