Motor and home insurance provider esure Group Plc has released its annual report and accounts for the year ended December 31, 2022.
Here’s how the Surrey-headquartered insurer fared in the period:
|
Metric |
2022 |
2021 |
|---|---|---|
|
Number of in-force policies |
2.32 million |
2.54 million |
|
Turnover |
£836 million |
£908 million |
|
Combined operating ratio |
111.9% |
101.1% |
|
Trading profit |
£47.9 million |
£84.8 million |
|
Profit/(loss) before tax |
£(42.2 million) |
£5.2 million |
|
Profit/(loss) after tax |
£(29.1 million) |
£7.7 million |
As of the end of 2022, 74% of esure’s policies consisted of motor; the remaining 26%, home. Gross written premium for motor amounted to £639 million, while home contributed £96 million in GWP.
Lifting the lid on the results, esure said in its report seen by Insurance Business: “Group profit before tax reduced from a profit of £5.2 million to a loss of £42.2 million, after incurring: £61.3 million of expenditure related to the group’s Blueprint transformation programme and; a further £10.6 million of exceptional investment losses resulting from volatility in the investment markets.”
Meanwhile, the insurer remains positive in terms of its outlook for 2023.
“Despite [the] uncertainty [in the insurance market], the group is well-placed to deliver against its long-term strategic objectives,” said esure. “The disciplined approach to pricing taken during 2022 is expected to continue in 2023.
“Furthermore, towards the end of 2023 and into 2024, the group expects to benefit increasingly from the operational improvements delivered from the Blueprint programme with the new operational platform expected to support the majority of the group’s customer base by the end of 2023. The group will continue to actively manage its risk profile in order to preserve capital availability for its strategic investment programme.”
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