3 November, 2022
Hastings Group (‘Hastings’), the technology driven UK insurance provider, announces its results for the nine months ended 30 September 2022.
Toby van der Meer, Group CEO, commented:
“These are highly uncertain times for the country as well as UK insurance markets. Given this, I’m very pleased with the actions taken and the delivery of another solid set of results. In particular, Hastings has priced ahead of the market to combat claims inflation, which is estimated at 12% in Q3, and has taken actions on pay and bonuses to support colleagues who have been impacted by cost of living increases. Hastings also continues to make great progress on the technology agenda, and continues to invest to be the UK’s leading digital insurance provider.
“As always, I’d like to thank my 3,200 Hastings colleagues for their great work.”
Solid results for the nine months to 30 September 2022, including:
Continued investment in strategic initiatives:
Ongoing commitment to supporting colleagues and the communities in which Hastings 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 nearly 3.2 million live customer policies and employing 3,200 colleagues.
Hastings provides simple and straightforward products and services to UK car, bike, van and home insurance customers with approximately 90% of policies directly underwritten by the 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 cautious approach to risk and reserving and 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
3 November, 2022