Hastings Group reports first quarter 2025 results

Hastings Group (‘Hastings’), one of the leading UK P&C digital insurance providers and part of the Sampo Group (‘Sampo’), reports today on performance for the three months ended 31 March 2025.

Toby van der Meer, Group CEO, commented:

“I’m pleased to announce another strong quarter for Hastings, growing our customer policies to a new milestone of 4.1m, up 17% on last year. By focussing on attracting and retaining good drivers, and avoiding fraud, we’ve been able to maintain strong pricing competitiveness, at the same time as improving profitability.

Beyond this, customer service, particularly through digital services, remains a key priority for us and we have continued to see higher customer satisfaction levels, and lower complaints. The Hastings Direct mobile app in particular remains highly popular with our customers, with record downloads and usage, including large volumes of customers making changes to their policy, registering claims, or accessing their renewal quotes digitally. We continue to be heavy investors in digital as well as wider data and technology capabilities, reflecting our future growth ambitions.

As always, I’d like to thank my Hastings colleagues whom have started 2025 with their usual energy, dedication, and enthusiasm to serving our customers and local communities.”

Financial highlights

Strong performance for the three months ended 31 March 2025, including:

• Live customer polices (‘LCP’) increased 17% year-on-year to 4.1 million policies at 31 March 2025, due to increased new business sales and improving retention rates. Motor LCP increased by 14% year-on-year, while home policies grew by 36% year-on-year.
• Gross written premium & brokerage income up 26% year-on-year to £603.4m (2024: £479.4m), as a result of growth in new business and renewal volumes.
• Operating ratio¹ improved to 88.7% (2024: 91.4%), driven by a stronger loss ratio with claims frequencies in Q1 benefiting from a benign weather experience in what is typically a high frequency quarter. Operating expenses grew because of higher acquisition related expenses from new business volume growth, and continued investment into operational and servicing capabilities. 

Strategic and operational initiatives

Delivery of strategic and operational initiatives continues at pace:

• A range of new pricing model enhancements across motor and home insurance introduced during Q1, supporting improved risk selection, lower fraud exposure and more competitive pricing in selective market segments.
• Improved functionality for the Hastings Direct mobile app, including rollout of new messaging capabilities for customers. The app registered over 500k downloads in Q1 2025, up 40% year-on-year.
• Technology and process improvements including enhancements to multicar, telematics and digital claims capabilities.  
• Further reductions in complaints and improvements in customer net promoter score as well as customer retention, driven by both competitive pricing and continued focus on process improvements and simplification, as well as starting to use AI support in some customer communications.

Our colleagues and communities

Continued commitment to supporting colleagues and local communities:

• Fifth annual sustainability report published, highlighting progress towards sustainability achievements and goals. 
• Launch of new electric vehicle leasing scheme benefit for colleagues, providing the opportunity to save on new and nearly new cars.
• In partnership with Earthwatch provided funding to transform the grounds of two schools into nature rich spaces for outdoor learning and play, as part of the Green Earth Schools programme.
• Continued investment in our leaders with the Leadership Excellence development programme
• Launch of Neurodiversity Colleague Network, providing support and guidance for colleagues and leaders, to help neurodivergent colleagues to thrive in the workplace.
• 36 community grants and local sponsorships totalling £42,000 for charities and good causes. Colleagues raised over £13,900 through fundraising events.
• Communal Iftar and reflection events held during Ramadan.
• More Men's Talk Clubs, part the Wellbeing programme, offering men the opportunity to be part of a talking and listening community.
• Published new policies including a Human Rights Policy, Sustainability Policy, Responsible Investment Framework, and a Supplier Code of Conduct.

Ends

For more information, please contact pr@hastingsdirect.com.

¹Operating ratio is calculated with claims and operational costs over insurance and other revenue.