Strong demand sees half-time earnings motor ahead at Esure
Motor insurer Esure has seen first-half profits surge off the back of rising prices and higher demand for its products.
The firm, which owns brands including Sheilas’ Wheels, said that pre-tax profits rose 44.6 per cent to £45.1 million in the six months to 30 June.
Gross written premiums grew 22.8 per cent to £393.3m in the period as boss Stuart Vann hailed a “great start to 2017”.
He added: “We have delivered strong growth in premiums, policies and profits as the success and momentum of our footprint expansion programme and disciplined underwriting continues to drive the business forward.
“In Motor, we are growing across all our customer segments, demonstrating the value and service proposition we offer to customers.
“Overall, it has been a great start to 2017, and we are firmly on track to deliver results at the positive end of our 2017 guidance.”
Esure saw profits at its motor division grow from £34.3m to £48.1m and its home insurance arm recorded a 21 per cent increase in profit to £3.4m. Total in-force policies rose 8.8 per cent to 2.25 million.
Vann added: “I am really pleased with the outcome of our reinsurance renewal on 1 July… As indicated earlier in the year, we have increased prices in the first half of the year which mitigate this increased cost to the business, whilst continuing to grow.”