LONDON (Alliance News) - Insurer esure Group PLC said Wednesday that strong growth in its motor insurance division is likely to push its full-year premium figures to the top end of its interim guidance.
FTSE 250-listed esure reported its gross written premiums for the nine months to September 30 were up 16% at GBP499.0 million, from GBP430.5 million at the same date in 2015. The company's in-force policies were up 5.7% at GBP2.11 billion from GBP1.99 billion.
The company said the growth in premiums was particularly driven by its motor insurance division, where gross written premiums were up 18% at GBP430.6 million from GBP364.1 million the year before.
Esure added that its financial position is strong and its capital base has been strengthened by the demerger of Gocompare.com PLC.
"We are on track to deliver the outlook for the insurance business provided at the interim results earlier in the year, with premium growth expected to be at the upper end of our guidance of 13-18% driven by our motor book. Assuming favourable market conditions continue, we would expect to continue to see attractive rates of growth in the coming periods," said Stuart Vann, chief executive officer of esure.
Shares in esure were down 1.7% at 186.77 pence in early trading on Wednesday.
By Adam Clark; adamclark@alliancenews.com
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