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Trading statements

esure gross written premiums up 24.1%

04 May 2017 07:32

Insurance group esure reports a strong start to the year with first quarter gross written premiums rising to £187.4m - 24.1% up on last time.

Motor premiums increased by 29.0% to £166.3m while home premiums were down 4.5% at £21.1m.

The group had 2.222 million in-force policies - up 9.1%.

This comprised a 15.1% increase in motor policies to 1.679 million and a 5.9% fall in home policies to 0.543 million.

Chief executive Stuart Vann said: "We have made a strong start to 2017, with trading in Motor particularly pleasing.

"Our strategic initiatives are performing well and provide us with great opportunities and confidence to deliver our growth ambition of 3 million policies by 2020.

"In Motor, along with the market, we have started to increase pricing in response to the change in the Ogden discount rate and continued our growth momentum. "In Home, the market remains challenging and we continue to temper our growth as we do not believe current market conditions provide opportunities for profitable growth.

"However, the Home portfolio continues to deliver a positive contribution to the Group.

"Overall, we have started 2017 better than we expected and we are firmly on track to deliver results at the more positive end of the 2017 guidance we issued at the time of our 2016 full year results in March."

Story provided by StockMarketWire.com

Related Company: ESUR

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