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Interim Results

Hastings continues to grow market share

09 August 2017 07:25

Hastings Group Holdings continued to maintain its strong momentum in the six months to the end of June and said it remained on track for another year of profitable growth.

Gross written premiums rose by 28% to £462.0m (30 June 2016: £360.6m) and net revenue increased by 22% to £345.2m (30 June 2016: £282.7m).

Other highlights:

- Adjusted operating profit up 22% at £86.5m (30 June 2016: £70.8m).

- Sustained increases in customers with live customer policies up by 15% to 2.54 million (30 June 2016: 2.20 million).

- Growing market share to 7.0% of UK private car insurance (30 June 2016: 6.2%).

- Calendar year loss ratio of 73.4% for the period ended 30 June 2017, below the target range of between 75% and 79% (30 June 2016: 74.0%).

- Consistent growth in profitability with an increase in profit after tax of 36% to £57.9m (30 June 2016: £42.7m).

- Interim dividend for 2017 of 4.1 pence per share (30 June 2016: 3.3 pence per share) reflecting increasing earnings and strong cash generation. Chief executive Gary Hoffman said: "I am delighted that Hastings continues on its profitable growth trajectory.

"We've delivered another strong financial performance for the first half of 2017 with net revenue increasing by 22% to £345.2m, live customer policies up by 15% and adjusted operating profit 22% higher at £86.5m for the period.

"Our significant presence and strategic focus on price comparison websites, together with our straightforward insurance offering appeals to customers and we continue to grow our market share by both attracting new customers and maintaining strong retention levels.

"We continue to invest in our digital and data-driven model to ensure that we price our business in an agile and responsive manner. This approach allows us to maintain our robust underwriting discipline and has delivered a loss ratio for the period of 73.4%, which is below our target range.

"Our profitable business model is highly cash generative and we have further reduced our net debt in line with our targets whilst improving the solvency coverage ratio to 173%.

"Our profitability and healthy financial position means we are declaring an interim dividend of 4.1 pence per share, a 24% increase from 2016.

"Supported by our 2,900 colleagues, we are well on course to deliver on our ambitious 2019 targets and continue our strong momentum into the second half.''

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Related Company: HSTG

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