esure Group plc 2018 Q1 Trading Update (9519M)
May 03 2018 - 2:00AM
UK Regulatory
TIDMESUR
RNS Number : 9519M
esure Group plc
03 May 2018
3 May 2018
esure Group plc - Trading update for the three months ended 31
March 2018
Strong growth in premiums and policies; exceptional weather
costs in Q1
Trading update
2018 2017 Movement
Q1 Q1
Gross written premiums (GBPm) 221.2 187.4 +18.0%
Motor 201.4 166.3 +21.1%
Home 19.8 21.1 (6.2)%
In-force policies (millions) 2.426 2.222 +9.2%
Motor 1.956 1.679 +16.5%
Home 0.470 0.543 (13.4)%
Additional services revenues (GBPm) 34.0 28.2 +20.6%
Darren Ogden, Interim Chief Executive Officer of esure Group
plc, commented:
"Our premium and policy growth in Q1, through a strong
performance in Motor, is particularly pleasing as we continue with
our footprint expansion programme. Following the first reading of
the Civil Liability Bill on 20 March 2018 competition in the market
has increased. The Group will remain disciplined in its rating
actions as it targets 3 million in-force policies by 2020.
"During the first quarter, the UK suffered a prolonged freeze
event and significant disruption from 'The Beast from the East' and
'Storm Emma' and this resulted in GBP8m of claims costs in Home,
which is GBP6m ahead of expectations. I would like to thank
colleagues for their dedication in helping our customers during
this period in what were testing times.
"After adjusting for the exceptional weather costs seen in the
first quarter, the Group remains on track to achieve a combined
operating ratio similar to 2017 and well placed to deliver
profitable growth in 2018."
For further information:
Chris Wensley Chris Barrie
Head of Investor Relations & Corporate Citigate Dewe Rogerson
Strategy t: 0207 638 9571
t: 01737 641324 e: esure@citigatedr.co.uk
e: ir@esure.com
About esure Group plc
esure Group plc ("the Group") is an efficient, customer-focused
personal lines insurer, founded in 2000 by Chairman, Sir Peter
Wood, Britain's foremost general insurance entrepreneur. The Group
is one of the UK's leading providers of Motor and Home insurance
products through the esure and Sheilas' Wheels brands.
Important information
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
The esure Group plc LEI number is 213800KOI3F5LM54PT80.
The person responsible for arranging the release of this
announcement on behalf of esure Group plc is Alice Rivers.
Forward looking statements
Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to a number of known and unknown risks
and uncertainties that may cause actual results, performance or
achievements of the Group or industry results to differ materially
from any future events, results, performance or achievements
expressed or implied by such forward-looking statements. Persons
receiving this announcement should not place undue reliance on any
forward-looking statements. Unless otherwise required by applicable
law, regulation or accounting standard, the Group disclaims any
obligation or undertaking to update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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