ManyPets fetches new business growth as profit before tax increases by 59%

Many Group, the parent company of ManyPets, has revealed that its profit before tax grew by 59% in the year to 31 March 2026 despite a UK pet insurance market that “hasn’t grown as much”.

In a trading update published today (6 August 2026), the firm revealed that its profit stood at £10m, up from £6.3m during the same period last year, while gross written premium (GWP) rose 6% year-on-year to £230m.

The growth was driven by new business volumes increasing by 40%. ManyPets chief executive Luisa Barile said this was despite a “very competitive” UK pet insurance market that “hasn’t grown as much”.

Speaking to Insurance Times, Barile added that the growth in its GWP and new business volume is “a clear indication” of the firm “gaining market share”, which she primarily attributes to its product and customer experience offering via “word of mouth channels” and “work with new programmers”.

“It’s a sophistication of pricing as well,” she noted, as the firm has continued work on its pricing models over the past few years and invested in a data infrastructure built on more than one million risks insured over time.

She added: “Our pricing has also become more competitive with the price optimisation that we have done.

“And as a result, the conversion rate has increased. We always try to be as competitive from a pricing perspective as we can, clearly within the limits of the loss ratio that we want to maintain to be a long-term sustainable business.”

AI and simplification

Many Group also reported an overall reduction of administrative costs, which Barile explained is partly due to initiatives over the past two years to simplify the operating model.

This includes the wind-down of ManyPets’ US operations, initially announced in November 2024, during the year with capital now concentrated entirely on the UK.

Barile said the simplification also included moving the business onto a single in-house technology platform.

She continued: “Before, we were running two separate systems which clearly accounts for higher costs.

“We now have everything on our system which is a cheaper, but it also allows us to do more innovation, more activities faster than we could with a third party system, and that’s been the building block for the artificial intelligence (AI) strategy that we have implemented over the course of the past year.”

Many Group said that AI has now been embedded across operations including customer acquisition and retention, underwriting and operations.

Its AI enabled claims agent Millie now reviews all claims and handles more than half of all claims in a fully automated way, with around half of all claims settled within 24 hours of submission and 89% within 10 working days.

“We will continue to invest in claims automation,” Barile said.

“We see opportunities to continue to do so because clearly that’s a significant cost base in a high claims frequency category such as pet insurance. But we do see applications of AI across the board on marketing and deciding where to acquire customers at a lower cost.”