Hastings Group posts strong first-quarter performance

General insurer Hastings Group Holdings reported strong first-quarter operating performance on Friday, trading in line with targets set at its IPO last October.

Friday, trading in line with targets set at its IPO last October.

The FTSE 250 firm’s live customer policies increased to 2.1 million by 31 March, a 17% increase year-on-year.

Its market share if UK private car insurance policies grew to 6% at the end of the period, from 5.3% at the end of March last year.

Hastings’ gross written premiums were up 29% to £171m for the quarter, and its net revenue rose 22% to £132.7m for the three months to the end of March.

"Our trading performance for the first quarter of 2016 demonstrates that we continue to deliver on our promises,” said chief executive Gary Hoffman.

“Our differentiated and agile, data driven business model continues to drive profitable growth in customer policies and market share, and strong cash generation.”

Hoffman said the group has continued to invest in infrastructure to support its long-term growth strategy, with more than 500 colleagues now at its new Leicester site and 2,500 colleagues in total providing service to more than 2.1 million customers.

"Based on the continuing positive momentum in the business, we remain confident of delivering against our expectations and targets for all of our stakeholders,” he explained.