Motoring premiums strengthen esure's year-to-date revenue

The FTSE 250 insurer issued its interim management statement for the nine months to 30 September on Wednesday.

It showed gross written premiums were at £430.5m for the year to date, up from £410.0m for the same period in 2014.

Motor gross written premiums of were up from £343.8m to £364.1m, while home gross written premiums were relatively flat at £66.4m.

The company also had a total of 1.99m policies in force, up from 1.95m last year.

It reported that the group’s financial position remains strong and is on track for the implementation of EU directive Solvency II.

Chief executive Stuart Vann said gross premiums rose in the quarter through a combination of positive rating actions and footprint expansion initiatives.

“In Motor, as indicated at the time of our half year results, we have implemented further rate increases in Q3 with year-on-year increases now broadly in line with claims inflation.

“In Home, the market remains competitive,” he noted.

“In light of the volatile investment markets seen during Q3, we now expect to achieve a gross investment return in the region of 1% for the full year.”