Hastings Group reports rise in profits as claims platform is extended

Hastings Group has reported a rise in profits in its six-month interim financial report.

It has posted a growth in operating profit of 20% to £70.8 million, up from £59.2 million this time last year, and an increase in net revenue of £282.7 million, up from £222.6 million in June 2015.

Hastings also said that it has seen its gross written premiums go up by 28% to £360.6 million. They stood at £282.7 million on 30 June 2015.

The insurer has noticed particular growth in home and telematics, with live customer policies increasing by 67% and 73% respectively. It puts this down to its expanding presence on price comparison websites.

It has also announced that Guidewire, its claims and broker platform, which already handles all of its new claims will now be rolled out to its retail operation for broking and billing.

Gary Hoffman, chief executive officer of Hastings Group Holdings, said that the company was delivering results with its “agile, digital and data-driven approach”.

“We continue to invest for the future, with over 700 colleagues now in Leicester, providing additional capacity for growth. Guidewire, our next-generation claims and broker platform, already handles all of our new claims and is now being rolled out to our retail operation for broking and billing. These investments will continue to deliver significant benefits and efficiencies for our colleagues, customers and the company,” he said.

“Our profitable, cash generative operations have allowed us to further strengthen our balance sheet and reduce leverage whilst delivering on our dividend policy by declaring an interim dividend of 3.3p per share.”

Mark Dugdale