Zego sees yearly losses improve by £30m to near break-even

Insurtech Zego posted a net loss of £4m across 2024, a £30m improvement on the net loss of £34m the firm saw in the previous year.

This is according to a preliminary look at Zego’s latest full-year financial results, which will be available in full before the end of September 2025.

Zego has traditionally specialised in telematics based motor cover for businesses and ride-hailing customers and has recently expanded into the personal car insurance market.

The firm also announced that it had returned to profitability for the first time in December of last year, an event it hailed as a “major milestone” in its financial journey, driven by “disciplined portfolio management and pricing changes to exit underperforming segments”.

By the end of 2024 the firm saw group net loss ratio improve to 56.5%, down from 59.2% in 2023.

Cost discipline

The firm said the return to profitability had laid the foundations for continued growth and innovation.

Indeed, in 2025 Zego has seen a year-to-date revenue growth of 40%, attributable to “strong cost discipline and improved reinsurance terms that boost capital efficiency”.

The company also announced an expansion of its artificial intelligence (AI) capabilities, which it said has reduced call volumes by 25% while improving customer satisfaction from 61% to 77%.

Sten Saar, chief executive at Zego, said: “2024 was a defining year for Zego – we reached profitability and have carried that momentum into 2025.

“I’m proud of how we’re scaling responsibly, fuelled by innovation and our clear purpose – making good drivers better drivers.”