Company reports combined Hastings and Advantage results for first time
Hastings Group posted EBITDA of £27m in the year to 30 June 2011 up 145% on the £11m it made the previous financial year.
Hastings Group comprises the results of broker Hastings Insurance Services and Gibraltar-based insurer Advantage Insurance Company. This is the first time the results have been reported on a combined basis.
Hastings is in the process of bringing together Hastings and Advantage in a new holding company, Hastings Insurance Group, which is expected to be completed early next year.
The group also boosted gross written premiums by 52% to £310m (2009/2010:£204m),and improved its combined ratio to 95% from 99%.
Customer numbers increased by more than 40% to 795,000 in the year to 30 June 2011 (2009/2010: 559,000). The company also reported that as of 30 September 2011, customer numbers had increased further, surpassing 850,000.
“This is another year of significant progress at Hastings,” Hastings chairman Neil Utley said in a statement. “The growth in profitability underlines the strength of the Hastings business and the effectiveness of our retail distribution model.”
Hastings chief executive Edward Fitzmaurice added: “Last year, we set our target to become a top five personal lines broker by 2014, and we now expect to reach this by early 2012.”
Following the combination of Hastings and Advantage, the company will start reporting on a calendar-year basis, so its financial year will end on 31 December.
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