11th Aug 2016 07:03
LONDON (Alliance News) - Motor insurer Hastings Group Holdings said Thursday its results for the six months to June displayed "impressive momentum", with increases in revenue and profit.
Gross written premiums grew 28% year-on-year to GBP360.6 million from GBP282.7 million, as net revenue was up 27% to GBP282.7 million from GBP222.6 million a year previously.
Pretax profit rose 20% in the half-year to GBP70.8 million from GBP59.2 million, which Hastings Group said was due to its strong operational performance, lower financing costs, and a "data-driven" approach. The motor insurer's market share grew to 6.2% from 5.5% at the end of June last year, it said.
Hastings Group said it should be well placed to meet, and potentially beat, its full-year forecasts.
"We remain well positioned to deliver continued profitable growth in 2016; the increases in premiums we've written will continue to earn through over the life of the policies, and we've seen no significant changes to the premium and claim inflation trends since the period end," said Gary Hoffman, Hastings Group chief executive.
Shares in Hastings Group were up 1.5% at 209.16 pence early Thursday.
By Lucy Heming; [email protected]
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