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Hastings Group reveals financial results

Hastings Group reveals financial results | Insurance Business

Hastings Group reveals financial results

Financial results continue to pour in from a host of top insurance companies – and now Hastings Group Holdings Plc has stepped into the spotlight with the tech-driven insurance provider reporting exciting results for the nine-month period ending on September 30, 2018.

During that time Hastings has seen its customer numbers leap by 4% - now standing at 2.70 million - compared to the prior year and while it described market conditions as “competitive” during the third quarter it has been able to retain its underwriting discipline with average written premium inflation at 2% for the nine-month period.

Gross written premiums for the 12 months ending in September climbed by 5% to £955.0 million, while over the nine-month period they enjoyed a rise of 3% to £738.5 million. Net revenue also climbed – by 9% over 12 months to £751.3 million, and by 7% over nine months at £574.1 million. 

“We have 2.7 million customers, an increase of 4% from last year, which we achieved while remaining true to our pricing discipline and increasing premiums in a competitive market,” said the firm’s CEO Toby van der Meer.

“We remain well positioned in a very large market with 31 million cars on the road, growing consumer adoption of digital channels and continued media and regulatory focus on consumer switching.”

In addition, the company reiterated its focus on technology investments including a rollout of Guidewire and cash poured into its anti-fraud capabilities. It has also added Lloyds Bank General Insurance, Integra and RSA to its home panel of underwriters.