Hastings Group (‘Hastings’), the technology driven UK insurance provider, today announces its results for the three months ended 31 March 2022.
Toby van der Meer, Group CEO, commented:
“I am proud of the excellent progress we continue to make on our strategic and technology initiatives. The pace of delivery remains high with the successful implementation of new pricing models and data capabilities, enhanced mobile app functionality, the launch of a digital only car product and the full rollout of our new digital sales journey for customers as just a few examples.
“The market has remained competitive and we are seeing elevated claims inflation. In this environment, we have prioritised pricing discipline, and have seen a 10% growth in written premiums, as well as strong progress in home insurance, with policy count up 18% year on year.
“As always, I would like to thank my 3,300 Hastings colleagues for their hard work and commitment.”
Solid financial performance for the three months to 31 March 2022, including:
Hastings continues to invest in its strategic initiatives, including:
Hastings remains firmly committed to maintaining its unique culture, and supporting the communities in which it operates:
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Founded in 1996 in Bexhill-on-Sea on the Sussex coast, the Hastings Group is one of the leading general insurance providers to the UK market, with over 3.1 million live customer policies and employing over 3,300 colleagues.
Hastings provides simple and straightforward products and services to UK car, bike, van, and home insurance customers with around 90% of policies directly underwritten by Group's Gibraltar based Underwriting business, Advantage Insurance Company Limited.
Hastings Direct is a trading name of Hastings Insurance Services Limited, the Group's UK broker, which also trades via 'Hastings Premier', 'Hastings Essential', 'Hastings Direct YouDrive', 'People's Choice' and 'insurePink'.
The Group operates as an insurance provider with two separate businesses. The Group's Retail business, Hastings Insurance Services Limited, is responsible for the end customer pricing, fraud management, product design, distribution, and management of the underlying customer relationships. The Group's Underwriting business, Advantage Insurance Company Limited, engages in risk selection, underlying technical pricing, reserving and claims handling. Retail is supported by, and benefits from, Underwriting's prudent approach to risk and reserving and benefits from a panel of insurance partners which provide additional underwriting capacity. The Group's business model deliberately separates underlying product manufacturing from its distribution.
For more information visit the Hastings Group website.