’By helping UK households save on their bills, we create sustainable and profitable growth for the group,’ says chief executive
Money Supermarket has revealed that its insurance arm grew by 21% in the first quarter of 2024 due to “high levels” of switching.
In a trading update today (16 April 2024), the price comparison website revealed its insurance revenue rose from £50.6m in Q1 2023 to £61.4m in Q1 2024.
It said that strong revenue growth in car and home insurance continued, “with high levels of switching sustained”.
This level of switching comes as consumers continue to see increased car insurance premiums.
For example, ABI figures show that the average motor insurance premium paid in the UK increased by 12% between 1 October and 31 December 2023 – up from £562 a year to £627.
Price rises have been driven by claims cost inflation, with EY estimating that for every £1 paid in premiums in 2022, insurers incurred £1.11 in claims and expenses.
Group growth
Meanwhile, Money Supermarket revealed it secured a group revenue of £114.6m in the first quarter of this year, up from £106.3m in Q1 2023.
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It also said that the board continues to anticipate that adjusted earnings before interest, tax, depreciation, amortisation and exceptional items (ebitda) for the year will be in line with current market expectations.
“Our mission is to help households save money,” Peter Duffy, chief executive of the price comparison website, said.
“By helping UK households save on their bills, we create sustainable and profitable growth for the group.”
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