’Exceptionally high premium inflation continued, driving high search traffic,’ firm says
Money Supermarket secured record revenue in 2023 following a surge in the amount of income it received from its insurance arm.
In a trading update, the price comparison website revealed that revenue across the group increased from £387.6m to £432.1m year-on-year.
This was driven by a 28% growth in insurance sales, with £220m being secured in revenue during 2023.
The rise came as more consumers shopped around to find the best deal, with prices increasing due to economic headwinds.
“Exceptionally high premium inflation continued, driving high search traffic and fuelling high levels of switching in car and in home,” the firm said.
“Towards the end of the year, the ramp-up in car premium inflation started to stabilise.”
Savings
Meanwhile, Money Supermarket highlighted its earnings before interest, tax, depreciation and amortisation (ebitda) grew 14% to £132m.
Read: Motor insurance pricing cycle ‘close to a point of softening’
Read: Pet insurance premiums spike in last six months of 2023
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Its profit after tax also rose from £69.3m to £72.3m year-on-year.
Peter Duffy, chief executive of Money Supermarket, said: “We helped customers save a record £2.7bn in 2023.
“The more we can help households save, the more the group grows.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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