Freedom Insurance doubled its market share last calendar year, recording $47 million of direct annual premium sales, up from $22.8 million the previous year.

The improvement gave the insurer a market share of 10.7% at December 31.

The company also doubled its annual inforce premium to $65.1 million for the year, giving it a market share of 4.3%, up from 2.4% a year earlier.

“Freedom has a medium-term goal of becoming the second-largest participant in the direct life market for sales,” MD Keith Cohen said.

The insurer has introduced a loan protection product on a pilot basis for the rest of this year.

It will also launch a simple direct life product this month.

“These launches represent an important step in Freedom’s ongoing expansion of its product offering,” Mr Cohen said.

“They provide significant growth in sales and shareholder value in the future.”

Freedom has issued a guidance note to the stock exchange, saying total sales for the current financial year will be nearer the top end of its $59-$64 million guide.

It expects earnings before tax to be at the top end of $18-$21 million guidance.

“This positive anticipated result reflects increasing revenue from the strong sales result and growing inforce premium combined with improved operating efficiencies,” it says.