Hastings Group nine month operating profit up 19%

UK insurer Hastings Group Holdings, which listed on the London Stock Exchange in October, posted a 19% rise in operating profit for the first nine months of the year, as gross written premiums advanced.

For the nine months to the end of September, operating profit came in at £93.8m from £79m in the same period last year, while gross written premiums were up 26% to £454.3m.

Live policies were up 19% to 1.97m and net revenue increased 19% to £350.2m.

In addition, the company said its market share of UK private car insurance policies rose to 5.7% from 4.9% in the first nine months of last year.

Chief executive Gary Hoffman said: “Our strong results for the period demonstrate that Hastings' refreshingly straightforward approach to insurance continues to resonate with our customers and puts us on target for another record year.

“We listed on the London Stock Exchange on 12 October 2015 and the proceeds have enabled us to strengthen further our solvency position ahead of Solvency II and reduce our net debt.”