Policy Expert has reported a significant increase in revenue and profit for the financial year ending March 31, 2025, which the company says is its strongest financial performance to date.
The UK-based personal lines insurer, which offers home, motor, and pet insurance, recorded a 36% increase in annual revenue to £218.4 million, up from £160.9 million the previous year. Profit before tax rose more than sixfold to £30.1 million from £4.9 million in FY2024.
Group underlying EBITDA also doubled, reaching £55.3 million, compared to £26.9 million the previous year. The insurer added 8% more customers, bringing its total to 1.6 million policyholders.
The company's motor insurance line posted its first annual profit since acquiring the book from Sure Thing! in 2019. Gross written premium in this segment rose 14% year over year to £122 million, while underlying EBITDA grew by 119% to £600,000.
In the home insurance segment, Policy Expert reported £350 million in gross written premium, reflecting a 32% increase from the previous year. The home portfolio contributed £77.8 million to group underlying EBITDA, up from £48.4 million in FY2024. The number of home insurance customers grew by 8%, reaching 1.4 million.
The insurer’s financial performance follows the completion of a strategic deal with Cinven, which acquired a 50% share in the business in September. The group is now jointly owned by Cinven and Platinum Ivy. The former acquired its 50% stake from a subsidiary of the Abu Dhabi Investment Authority.
The deal is intended to provide additional capital flexibility for Policy Expert to expand its distribution footprint, scale operations, and explore merger and acquisition opportunities. As part of this strategic transition, Policy Expert also appointed a new chair to its board earlier this year.
In addition to expanding its existing product lines, Policy Expert also launched a new pet insurance offering during the reporting period, coinciding with wider sector growth projections. The UK pet insurance market is expected to more than double by 2030, reaching a value of approximately US$5 billion.
This increase is driven by a combination of rising veterinary costs, expanded awareness of pet insurance, and a higher proportion of households owning pets.
The company also secured additional underwriting capacity through a new agreement with Bridgehaven Specialty UK, supplementing its ongoing six-year programme management deal with Accredited.
Steve Hardy (pictured above), CEO of Policy Expert, said the business has continued to serve its 1.6 million customers while maintaining operational discipline despite economic and industry-specific challenges.
“Despite ongoing economic pressures and market specific challenges such as stubborn claims inflation and disruptions to global supply chains, we’ve maintained discipline while delivering service, and remain one of the fastest-growing home insurance providers in the UK,” Hardy said.
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