While many international insurers are reporting devastating financial losses on the back of the catastrophes in North and Central America, one firmly British insurer is enjoying considerable profitable growth.
That insurer is
Hastings Group Holdings plc, which has today provided an update on its trading performance for the nine months ending September 30, 2017 – and has marked its eighth consecutive quarter of profitable growth since listing on the London stock exchange.
Among the business highlights for the group were that its live customer policies leapt by 14% year on year to stand at 2.60 million; while its market share of UK private
car insurance climbed to 7.2%, compared to 6.4% one year earlier.
Gross written premiums were up by an eye catching 25% to reach £714.3 million, while net revenue also rose by 22% to stand at £538.3 million for the nine-month period. Understandably, Gary Hoffman, chief executive officer of Hastings Group Holdings, was thrilled with the results.
“While we have seen some short-term market pricing fluctuations following the UK Government’s recent Ogden discount rate announcement, our premium and
claims inflation have continued to show similar trends to those we reported at the half year,” he explained.
“We remain focused on our robust underwriting discipline and continue to invest in reinforcing our digital advantage. The continued roll out of Guidewire, our next generation broking and digital platform, is benefitting our customers and will provide a platform for future growth and longer term operating cost efficiencies.”
Hoffman added that the company is on track to reach all of its 2019 targets.
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