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Annual Results

esure sees strong growth in premiums and profit

10 March 2017 07:22

esure Group reports strong growth in premiums, policies and profit for the year to the end of December.

Gross written premiums rose by 19.0% to £655.0m and in-force policies were up 8.6% to 2.174 million.

Underlying profit after tax rose by 18.0% to £80.5m.

Other highlights:

- Combined operating ratio 1.0ppt higher at 98.8% (2015: 97.8%)

- Full year dividend of 13.5p (2015: 11.5p) reflects a payout ratio of 70% of underlying earnings per share, inclusive of a 20% special dividend

- Strong capital position with Group coverage(2) at 149% (2015: 123%)

- Demerger of completed on 3 November

Chairman Sir Peter Wood said: "2016 has been a significant and positive year for the Group.

"Premiums are ahead of expectations; has been demerged allowing both businesses to thrive and reach their full potential; capital is at the top of our risk appetite; and we have once again paid a special dividend demonstrating the board's commitment to return excess capital to shareholders."

Chief executive Stuart Vann said: "We are now in full growth mode.

"In 2016 we have delivered strong growth in premiums and profitability, and have provided more quotes to a wider number of customers through our footprint expansion programme.

"This gives us great confidence to deliver our ambition of 3 million in-force policies by 2020.

"We continue to focus on and control carefully our approach to underwriting, underpinned by our enhanced customer contribution modelling.

"As a result, we are on track to deliver increased value to shareholders both in 2017 and beyond."

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