The aggregator says motor seeing fewer customers, but they’re switching more
Moneysupermarket.com reported growth in its insurance business against the backdrop of falling motor premiums.
Insurance revenue for the first six months of the year rose 4% to £93.3m.
“The change in premium cycle in car insurance has reduced the number of visitors to our site, but those visiting have a higher propensity to switch,” the company said in its half year trading statement through the Stock Exchange.
“We have continued successful initiatives such as competitive pricing alongside our work on refactoring our motor code base,” it added.
Group revenue grew 5% to £173.7m, while group adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) was flat at £62.2m.
The group said results for the six months were “as planned”.