Hastings post half year results

Hastings has posted an increase in GWP which hit £282.7m for the first half of 2015 (H1 2014: £227.2m).

COR for the business also marginally improved moving from 90.4% to 90% while customer numbers increased 17% to 1.9m (H1 2014: 1.6m).

Gary Hoffman, chief executive, commented, ‘These results are further proof of the strong momentum generated by the business’ straightforward approach to insurance and our commitment to getting it right for our customers.’

It also reported a 25% increase in underwriting adjusted Ebitda to £17.3m (H1 2014: £13.8m) and group adjusted Ebitda rose by 19% to £59.6m (H1 2014: £50.1m).

Hoffman added about the increases, ‘Crucially we’ve achieved this performance whilst maintaining our disciplined approach to underwriting and increasing our average premiums consistently over the last 12 months.’

He also said substantial progress had been made in applying its strategy for home insurance pointing out that it now has over 100,000 policyholders.

‘This shows the appeal of our proposition and how well we are positioned for the way customers now buy insurance,’ Hoffman said.

‘We continue to invest in our infrastructure to ensure we remain digitally focused and innovative in our use of technology and in our ability to react swiftly and nimbly to market conditions.’