Reuters logo
BRIEF-Motor insurer Hastings 2016 operating profit up 5 pct after discount rate charge
March 2, 2017 / 7:07 AM / in 9 months

BRIEF-Motor insurer Hastings 2016 operating profit up 5 pct after discount rate charge

March 2 (Reuters) - Hastings Group Holdings Plc

* Preliminary results for the year ended 31.12.16

* Gross written premiums up by 25% to £769.0m (2015: £614.9m)

* Net revenue up by 23% to £590.3m (2015: £481.0m)

* Operating profit 1 up 21% to £152.1m before impact of ogden rate change

* 5% to £132.1m (2015: £126.1m), after allowing for £20.0m impact of ogden rate change

* Live customer policies up by 15% to 2.35 million (2015: 2.04 million)

* Calendar year loss ratio 3 for year ended 31 december 2016 of 73.7%, before impact of ogden rate change

* Or 77.7% after allowing for impact of ogden rate change, within target range of between 75% and 79% (2015: 75.4%)

* Strong operational performance and lower financing costs increased net income 4 by 27% to £96.9m (31 december 2015: £76.2m)Solvency ii coverage ratio of 140% (2015: 156%) after reduction in ogden rate Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below