Hastings expects £8.4m hit from Ogden rate change

Hastings Group has stated that it expects the change in the discount rate to -0.25% to result in an £8.4m one-off pre-tax charge for the company in 2019.

In a statement on the stock exchange, Hastings said: “As previously indicated, the group’s insurance subsidiary has held best estimate reserves consistent with an Ogden rate in the range of 0% to 1%, in line with the range indicated by the government previously and the rate at which large bodily injury claims have been settling. 

“The company