StockMarketWire.com - Insurer Hastings Group reported a slump in profits am uptick in premiums was offset by an increase in the number of claims in the first half of the year.

For the six months ended 30 June 2019, pre-tax profits fell to £46.1m from £86.8m a year earlier and revenues decreased to £370, from £376.3m a year earlier.

The adjusted operating profit fell to £59.7m from £105.1m a year earlier.

Gross written premiums were up 3% to £499.2m as live customer policies increased 4% to 2.81m.

The calendar year loss ratio rose to 79.1% - before the impact of the Ogden rate change - up from 73.8% due to continued claims inflation, the company said.

The company reported a 'strong' solvency position, with its underwriting subsidiary achieving Solvency II coverage ratio of 160%, down from 161% seen at 31 December.

An interim dividend of 4.5p per share was proposed, unchanged from a year earlier.

The group's outlook and guidance for the full year 2019 is unchanged, the company said.


At 8:54am: [LON:HSTG] Hastings Group Holdings Plc share price was -12.7p at 178.3p



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