Business also posts pre-tax loss of £55.5m for the first six months of 2020.
Market reveals a loss of £0.4bn and a worsened COR in its financial results for H1 2020.
Check out the results of Insurance Age’s annual study into the top 50 brokers and providers in the personal lines market.
Profit for the business, formerly known as Eldon, slipped to £5.0m from £6.4m the previous year.
The business was sold to Sun Capital last year. Since then it has secured a £1m development loan from Close Brothers and its investors has pumped £7m into Mulsanne to help with solvency.
The legal expenses provider's COR worsened to 99.2% over the year while GWP fell slightly.
GWP was up by 9% in the first half of 2020, while the provider's COR worsened to 101.1%.
CFO Mark Mugge says specialist motor broker is gearing up to make acquisitions and predicts the personal lines sector will see rate increases as a result of the pandemic.
CEO Tulsi Naidu points to positive working relationships with brokers throughout a "time of great stress" as she maintains that the provider is "very well positioned" for the future.
The Australian insurer pointed to opportunities in the London and UK markets.
CEO Penny James comments on the provider's Covid-19 strategy as COR improves but in-force policies reduce.
Broker reveals it recently undertook a strategic restructure, creating a single insurance division, and completed a deal for broker Robertson-McIsaac.
The provider reported a result after tax of £22.8m compared to £45.4m in H1 2019.
UK COR hit 106.3% for the first half of 2020 as GI CEO Colm Holmes points to a strong underlying performance despite the business remaining in cost-cutting mode.
The CEO said that as part of this there may be some market withdrawals and “difficult” decisions as she reaffirms Aviva’s commitment to brokers as UK COR soars amid Covid-19.
However commercial business sees GWP decline in H1 2020 numbers as provider predicts £80m Covid-19 BI hit.
The deal values Hastings at around £1.66bn as the provider also publishes half year results.
The provider has also reserved $232m for Covid-19 related claims as it reports H1 2020 numbers.
Provider expects Covid-19 premium slip of £110m for the group, including an estimated £81m impact in the UK & International business, as it also reveals a £33m loss on its UK and London market exit portfolios.
The motor insurer said it had continued focus on a strategy of prioritising underwriting profitability over volume whilst reflecting Covid-19 impacts using a data-driven pricing approach.
Provider expects its pandemic-related losses to amount to $170m as it takes underwriting action in its liability lines of business.
Welsh broker also reveals turnover increase as CEO Rhys Thomas states the company is "confident" it will emerge from the Covid-19 crisis stronger than before.
CFO Ryan Brown says the consolidator has a "very healthy pipeline" of future acquisitions, as PIB's GWP hits £986m.
The trade body said in its accounts that it was “indemnified against significant financial loss” and is now looking at how it can host future events.