April 28, 2017 / 6:35 AM / 3 months ago

Insurer Hastings posts higher first-quarter gross written premiums

2 Min Read

April 28 (Reuters) - British insurer Hastings Group Plc reported on Friday a 26 percent rise in first-quarter gross written premiums, boosted by a growth in the number of policies and higher premiums.

The company said premiums had increased across the market after Britain cut the rate at which compensation payments are calculated in personal injury claims and that it expected its business to benefit from the change.

"Our digitally focused business model will allow us to benefit from increased price comparison website usage as our agile, data driven pricing enables us to provide the most competitive deal to more customers searching online," Chief Executive Gary Hoffman said in a statement.

The company said it was pleased with the strong trading performance over the first three months of the year, with gross written premiums rising to 214.7 million pounds ($277 million), from 171 million pounds a year ago.

Hastings said it was well positioned to continue its profitable growth and deliver against its set targets. ($1 = 0.7750 pounds) (Reporting by Esha Vaish and Noor Zainab Hussian in Bengaluru; Editing by Amrutha Gayathri)

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