18th Nov 2015 08:00
LONDON (Alliance News) - Hastings Group Holdings PLC on Wednesday said that 2015 is shaping up to be a "very strong" year, as the motor insurer's live customer policies revved up by 19% in the first three quarters year on year.
Hastings, which listed on the London Stock Exchange on October 12, said it now has more than two million live customer policies, having seen that number increase to 1.97 million at the end of September from 1.65 million at the same stage the prior year.
"Since our half year, we have achieved a number of key milestones that support the profitable, sustained growth of our business. I am delighted to announce that we now provide cover for over 2 million customers, nearly double the number we had when I joined the group in November 2012," Chief Executive Gary Hoffman said in a statement.
The insurer's share of the UK private car insurance market to increase to 5.7% from 4.9% in that time. Gross written premiums swelled by 26% to GBP454.3 million, with the insurer citing higher new business sales and a growing renewal book, while there were "targeted" increases in premium rates. Operating profit jumped 19% to GBP93.8 million.
Hastings' calendar year loss ratio worsened to 74.5% from 71.7%, with the insurer pointing to a "slightly lower" amount of positive reserve releases for prior years than in 2014 and "moderate increases" the the frequency of claims.
By Samuel Agini; [email protected]; @samuelagini
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