Esure posts trading and post-tax losses for 2023

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Esure swapped a trading profit of £49.8m in 2022 for a loss of £16.7m last year, the insurer has confirmed.

The loss after tax also ballooned year-on-year from £25m to £60.1m as the combined operating ratio deteriorated to 102.5% from 92.5% previously.

According to the provider, it focused on pricing and underwriting discipline during the year rather than growth in volume.

Motor volumes fell 11% to 1.5m in-force policies while the in-force home policy count dropped 7% to 570,000.

However, the insurer flagged that it achieved underlying price increases of 51% in motor and 34% in home.

GWP

The net effect

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