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3 May 2018 07:00
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 Q1 | 2017 Q1 | Movement |
Gross written premiums (£m) | 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 (£m) | 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 £8m of claims costs in Home, which is £6m 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 Head of Investor Relations & Corporate Strategy t: 01737 641324 e: ir@esure.com | Chris Barrie Citigate Dewe Rogerson t: 0207 638 9571 e: esure@citigatedr.co.uk |
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.
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