Insurer Esure, which runs the insurance firm for women Sheila’s Wheels, announced increased pretax profits for the first half of 2014, despite a fall in premiums written.
Pre-tax profit grew 0.4 per cent to £57.1m the group announced, despite falling premiums which were down 1.9 per cent to £260.4m over the period.
Speaking about the results, which were impacted by wet winter weather in the UK, Stuart Vann, chief executive said: “The first half of 2014 has seen no let-up in the competitive rating environment in both the motor and home markets. The group remained disciplined in its approach to rating and volume, which has contributed towards our solid performance.”
The insurer, which listed on the London Stock Exchange last year, said it had been hit to the tune of £3m more than expected in winter weather claims from the UK. Shares in the company closed up at 258.5 pence per share yesterday.