Friday, April 5, 2013

Hastings 2012 profit jumps 81% after strong year

Motor broker/insurer doubles EBITDA and posts 91.6% COR

Motor broker/insurer Hastings Insurance Group made a profit after tax of £ 47 million in 2012, 81% on the profits of the £ 26 m who made it in 2011.

Profit before tax almost doubled to £ 61 m (2011: £ 31 m), while the profit before interest, taxes, depreciation and amortisation (EBITDA) doubled to £ 70 m (2011: £ 35 m).

The Insurance Division combined operational ratio catch with 4.3 percentage points from 91.6% (2011: 95.9%). The company attributed the improvement in the underwriting profitability to "underwriting prudence and an expense ratio, which we as an important advantage in the industry."

This added that the fraud and risk management systems may Select customers more accurately reducing the frequency and severity of claims.

The profit was also supported by top-line growth. Gross premiums published by the broking firms Division increased 19% to £ 423 m (2011: 355 million pounds), while the gross premiums written by the insurance side of the business increased by 20% to £ 354 m (2011: £ 296 m).

The result was also driven by a continued focus on cost efficiency, the company said.

' Deeply impressed '

Group chief executive Gary Hoffman said: "2012 was a year of great progress and growth for Hastings. I went in the last quarter and have been extremely impressed with what the management team and my new colleagues have achieved. We have a great platform on which to build. "

Hoffman became Group chief executive appointed in October 2012, after the completion of the group formation.

Hastings Insurance Group consists of UK based broker Hastings Insurance services and Gibraltar-based insurer advantage Insurance Company.

The group, based in Jersey, was established in June 2011. Formal ownership of the UK operations was made in October 2011 and advantage in the Group brought in April 2012.

The results are presented on a consolidated, pro forma basis, as if the companies had been operating as a group for the past two years.

' Very competitive '

Looking forward to 2013, the company said that it expects the market to remain "extremely competitive". But added: "[We] are confidence in our ability to grow our customer base profitable, partly through investment in our brand and direct marketing channels."

Hastings 2012 results in £ m (compared with 2011)

Gross premiums posted: 423 (355) gross premiums: 354 (296) EBITDA: 70 (35): 61 (31) profit before tax profit after tax: 47 (26) combined ratio (%): 91.5 (95.9) customer numbers: 1, 145,000 (972,000) 22 March 2013

20 February 2013

7 February 2013

11 January 2013

14 December 2012

12 November 2012

15 October 2012

3 October 2012

25 September 2012

17 September 2012

25 July 2012

22 June 2012

15 June 2012

30 April 2012

April 4, 2012

Car Insurance

Car Insurance

Title Post: Hastings 2012 profit jumps 81% after strong year
Rating: 100% based on 99998 ratings. 5 user reviews.
Author: Mohammad Zulfi Satriawan

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