(Alliance News) - Hastings Group Holdings PLC on Wednesday said gross written premiums remained stable, though revenue was down slightly amid the Covid-19 pandemic.
Gross written premiums for the three months ended March 31 dipped 0.5% to GBP234.3 million from GBP235.5 million the year before, while net revenue was 2.1% lower at GP179.2 million versus GBP183.1 million.
Live customer policies as at March 31 were 3.6% higher year-on-year at 2.9 million compared to 2.8 million, while Hastings's share of the UK private car market was marginally higher at 7.7% compared to 7.6% previously.
Motor insurance accident frequencies reduced during March, Hastings noted, with this trend expected to continue for the duration of Covid-19 travel restrictions.
At present, Hastings is still intending to seek shareholder approval for paying a final 2019 5.5p dividend at its May 21 annual general meeting. This represents a 39% drop from its final 2018 dividend.
Most of Hastings's insurance peers have pulled their planned payouts. RSA Insurance Group PLC and Aviva PLC have already withdrawn their 2019 final dividend, as have Direct Line Insurance Group PLC and Hiscox Ltd.
Chief Executive Toby van der Meer said: "The first quarter of 2020 has been unprecedented with the Covid-19 outbreak placing additional operational challenges on top of recent industry headwinds. Against this backdrop, Hastings has been agile in responding to customers' needs and I am immensely proud of how all colleagues have adapted to new ways of working."
He added: "Our underlying business performance continues to be strong and we continue to make good progress on our strategic initiatives."
Shares in Hastings were up 3.3% at 188.60 pence in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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