Hastings posts reduced profit while GWP and COR improve
Provider saw acquisition costs double in 2013.
Hastings Insurance Group has reported profit of £34.8m for 2013, down from £43.7m in 2012.
The provider posted improved gross written premium, at £407.2m compared with £350.2m in the previous year.
Combined operating ratio also improved, going from 90.3% in 2012, to 88.3% last year.
Acquisition costs increased to £31.3m in 2013, up from £14.1m, which Hastings stated was “primarily as a result of the effects of acquisition accounting in connection with the Advantage acquisition”.
Goldman Sachs
Gol
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