GoCompare owner Esure's performance edges upwards in third quarter of 2015 but share prices take a dip

 
Hayley Kirton
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Esure Group reported gross written premiums of £430.5m for 2015 to date (Source: Getty)

Gross written premiums have edged up slightly for insurer Esure Group for its third quarter of 2015, standing at £155m, compared to £149.6m for the same quarter last year.

The company, whose brands include Sheilas' Wheels, also reported positive year-to-date figures, with gross written premiums for the last nine months of £430.5m, compared to £410m last year.

And Esure subsidiary Gocompare saw revenue inch up to £30.7m during the third quarter, compared to £29.1m for the same period last year. Year-to-date revenue for Gocompare came in at £90.2m, compared to £88.2m in 2014.

Share price dipped slightly in the first hour of trading, reaching a low of 248.60, down 2.5 per cent on a close of 255.10 the previous day.

“We have continued to grow gross written premiums in quarter three through a combination of positive rating actions and footprint expansion initiatives in motor and home.,” said Stuart Vann, chief executive officer of esure Group. “In motor, as indicated at the time of our half year results, we have implemented further rate increases in quarter three with year-on-year increases now broadly in line with claims inflation. In home, the market remains competitive.”

He continued: “In light of the volatile investment markets seen during quarter three, we now expect to achieve a gross investment return in the region of on per cent for the full year. We continue to expect our 2015 combined operating ratio to be in the region of 96 per cent to 97 per cent, assuming normal weather for the remainder of the year.”

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