Hastings Group Holdings revealed this morning that it had racked up net revenue of £350.2m for the nine months to 30 September 2015, up 19 per cent compared to £295.4m for the same period last year.
The insurers, who listed on the London Stock Exchange in October, also saw an increase in live customer policies, rising to nearly 2m, a 19 per cent year-on-year increase compared to last September’s 1.7m.
Speaking to City A.M., Gary Hoffman, chief executive, Hastings Group Holdings, said: “It’s very important when you’ve done an IPO for our first set of results to confirm what we promised and what we said about our story at the IPO and I think this first set of results in the public markets are absolutely confirmation of our successful business model.”
Hastings, who has been voted car insurance provider of the year three years running by at the Consumer Moneyfacts Awards, now has 5.7 per cent of the UK’s private car insurance policies, an increase in market share from the 4.9 per cent reported in the third-quarter 2014 results.
The company also saw strong growth in home insurance, with policy numbers increasing 58 per cent to 113,000.
Hoffman highlighted Hastings's innovative digital model, which includes constant monitoring of price comparison websites “to ensure that we’ve got the right offer for the right customer at the right time and we do that hour by hour, day by day”, as a key driver for growth in customer numbers.
Share price for the company rose modestly during the day, reaching a high of 172.8p, up 3.3 per cent on a previous close of 167.3p, shortly after the market opened.