Hastings reports improved profit
Hastings Insurance Group has reported a 63% jump in profit, from £19m in 2010 to £31m in 2011.
The insurer’s EBITDA increased by 59%, to £35m (2010: £22m), and gross written premiums also went up, by 35%, from £219m in 2010 to £296m last year.
The combined ratio remained stable at 96%.
The group said a focus on risk selection, data validation and counter-fraud actions had resulted in reduced bodily injury frequency and claims inflation below the overall market, and that underlying underwriting performance had continued to improve during 2011.
Edward Fitzmaurice, chief executive at
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