esure Group plc 2017 Q3 Trading Update (8492V)

TIDMESUR

RNS Number : 8492V

esure Group plc

08 November 2017

8 November 2017

esure Group plc - Trading update for the nine months ended 30 September 2017

A record quarter; raising full year guidance

Trading update

 
                                     2017      2016   Movement 
                                   Q3 YTD    Q3 YTD 
 Gross written premiums (GBPm)      625.8     499.0      25.4% 
    Motor                           561.5     430.6      30.4% 
    Home                             64.3      68.4     (6.0)% 
 In-force policies (millions)       2.324     2.105      10.4% 
    Motor                           1.830     1.530      19.6% 
    Home                            0.494     0.575    (14.1)% 
 Additional services revenues 
  (GBPm)                             93.6      80.6      16.1% 
 

Stuart Vann, Chief Executive Officer of esure Group plc, commented:

"The business continues to grow strongly and we delivered a record quarter of premiums at GBP233m. Year-to-date, premiums are 25% higher at GBP626m and policies 10% higher year-on-year at 2.3 million, underpinned by a strong performance in Motor where we are continuing to see the benefits of our proven underwriting expertise and footprint expansion programme which enable us to offer more and more customers access to our excellent products and services. Meanwhile, we remain disciplined in Home, as current market conditions do not provide opportunities for profitable growth.

"Our strong performance to date gives us confidence that we will exceed previous guidance. We now expect growth in premiums of 20-25% for the full year and our combined operating ratio to be at the lower end of our 96-98% range, subject to normal weather.

"We approach 2018 with confidence and remain well placed to deliver our 3 million in-force policy ambition by 2020."

For further information:

 
 Chris Wensley                           Chris Barrie 
  Head of Investor Relations              Citigate Dewe Rogerson 
  & Corporate Strategy                    t: 0207 638 9571 
  t: 01737 641324                         e: [e-mail] 
  e: [e-mail] 
 

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.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 08, 2017 02:00 ET (07:00 GMT)