|Bid||261.00 x 80200|
|Ask||261.40 x 142600|
|Day's range||261.06 - 265.90|
|52-week range||246.80 - 336.70|
|PE ratio (TTM)||13.60|
|Forward dividend & yield||0.17 (6.48%)|
|1y target est||332.82|
British insurer Hastings Group Holdings Plc reported a 39 percent jump in full-year adjusted operating profit as it provided insurance to more customers and increased its market share, although a slowdown in premiums written took some of the shine off results. The company, which mainly sells motor insurance in the UK, said adjusted operating profit rose to 184.1 million pounds ($253.36 million) for 2017 from 132.1 million pounds a year earlier. Gross written premiums rose 21 percent to 930.8 million pounds, about 2.5 percent below consensus estimates, missing both Barclays (LSE: BARC.L - news) and RBC expectations.
The company, which mainly operates in the UK motor market, said adjusted operating profit rose to 184.1 million pounds for 2017 from 132.1 million pounds a year earlier. "The competitive environment continues to be intense, with slower premium inflation since the end of the third quarter than that experienced in the first half of 2017 following the proposed Ogden rate review," said Gary Hoffman, the company's non-executive chairman designate, referring to the change in the way personal injury lump-sum payments are calculated. Hastings said it would pay a final dividend of 8.5 pence per share and total dividend of 12.6 pence for 2017.
The average premium paid over 2017 was 481 pounds, 40 pounds higher than a year earlier, the ABI said in a statement. The price paid for private comprehensive motor insurance was 493 pounds in the last quarter of 2017, up 6 percent from the same period in 2016, the ABI added, citing its motor premium tracker. "The rising cost of motor insurance shows no sign of abating.
The average premium paid for motor insurance in Britain jumped 9 percent in 2017 to the highest level since 2012, the Association of British Insurers (ABI) said on Wednesday. The average premium paid over 2017 was 481 pounds ($671), 40 pounds higher than a year earlier, the ABI said in a statement. The price paid for private comprehensive motor insurance was 493 pounds in the last quarter of 2017, up 6 percent from the same period in 2016, the ABI added, citing its motor premium tracker.
The cost of a comprehensive motor insurance policy fell 1.3 percent on average in Britain in the fourth quarter from the previous quarter, though premiums rose 8 percent for full-year 2017, a survey said on Monday. Premiums have fallen for the past two quarters after Britain said it planned to change the way personal injury lump sum payments are calculated, a move which would cut the size of those payments. Motor insurers took a hit to profits and insurance premiums rose earlier this year after Britain made an unexpectedly large change to the existing discount rate.
The cost of a comprehensive motor insurance policy fell 1.3 percent on average in Britain in the fourth quarter from the previous quarter, though premiums rose 8 percent for full-year 2017, a survey said on Monday. Motor insurers took a hit to profits and insurance premiums rose earlier this year after Britain made an unexpectedly large change to the existing discount rate.
Hoffman will assume the role of non-executive chairman from Mike Fairey, who will retire in May. "Mike Fairey was appointed as chairman to guide the company through its IPO in October 2015... Mike believes that, having successfully achieved those objectives... it is now the right time for him to step down," Hastings said.
** British motor and home insurer Admiral -3.5 pct and biggest bluechip loser after JPMorgan cuts rating to "underweight" from "neutral" ** Cuts TP to 1900p from 1980p ** "For ...
British insurer esure Group Plc said on Wednesday it expected 20-25 percent growth in full-year premiums as it reported a record quarter for premiums, helped by rising demand and legal changes that raised the cost of motor insurance. The company, which provides insurance products to drivers, home owners, pet owners and holiday makers across Britain, said gross written premiums rose 25.4 percent to 625.8 million pounds ($823.1 million) in the nine months ended Sept. 30. The insurer also said it expected its full-year combined operating ratio to be at the lower end of its 96-98 percent range, which translates into a higher underwriting profit.
The price of an average annual comprehensive motor insurance policy fell to 838 pounds, 9 pounds lower than in June, Willis Towers Watson said in a statement, after Britain announced plans last month to change the rate for calculating personal injury payments, a move expected to cut the size of the payments. The latest plans for the personal injury rate come after an unexpected change in the rate earlier this year pushed up the size of the payments, denting insurers' profits and driving premiums to record highs. Admiral (ADML.L), Direct Line (DLGD.L), esure (ESUR.L) and Hastings (HSTG.L) operate in Britain's highly competitive motor insurance market.
Car insurance premiums in Britain fell by an average of 1.1 percent in the third quarter of 2017, the largest quarterly fall in more than three years, according to the Confused.com car insurance price ...
British motoring group AA said on Tuesday acting Chief Executive Simon Breakwell will remain in the role permanently while lowering its full-year profit forecast as it seeks to stabilise the business after firing its executive chairman last month. Shares (Berlin: DI6.BE - news) in the roadside recovery and motor insurance services company fell 9.3 percent to 152 pence by 0850 GMT to be the biggest mid-cap faller. Bob Mackenzie's sudden dismissal in August from his roles as both chief executive and chairman and the news that costs related to an "erratic work load", particularly in June and July, had dragged on profits hit shares in AA (Frankfurt: A116XA - news) .
Shares on Britain's major market index softened on Tuesday as housebuilders weighed on benchmark gains and rising inflation boosted the pound. The FTSE 100 ended the session 0.2 percent lower at 7,400.69 ...
British insurer Hastings (Frankfurt: 8HG.F - news) said on Tuesday that preliminary talks earlier this year to explore a possible merger with roadside recovery and motor insurance company AA (Frankfurt: A116XA - news) 's insurance business had ended. "The Board confirms that the company did have preliminary discussions with the AA regarding a potential partnership with its insurance division, which have ceased," Hastings said in a statement. "Whilst Hastings regularly reviews selective acquisition opportunities, its core strategy remains to deliver on its organic growth and its disclosed targets," the insurer added.
Rising British motor insurance premiums helped Hastings (Frankfurt: 8HG.F - news) deliver a 22 percent rise in first half profit as people shopped around for policies, which the insurer said lifted its sales. The insurer, which mainly operates in the British motor insurance market, said its gross written premiums rose by 28 percent to 462 million pounds ($600 million) as a result of this switching during the six months ended June 30. Hastings said adjusted operating profit rose to 86.5 million pounds, from 70.8 million pounds a year earlier.
Shares in Direct Line Insurance Group , Britain's largest motor insurer, jumped to a record high on Tuesday after it reported better than expected first-half profit and raised its interim dividend. Intense ...
The average price of UK motor insurance hit a record high in the second quarter of the year, driven by new rules for personal injury claims and a rise in the insurance premium tax, the Association of British Insurers (ABI) said. "The rapid increase follows the recent government decision to drastically cut the personal injury Discount Rate. Insurance Premium Tax also went up from 10 percent to 12 percent on the 1st June," the ABI said, citing its motor premium tracker.
Britain said on Wednesday it will introduce a civil liability bill to bring down the cost of insurance premiums by reducing the cost and quantity of whiplash claims. It will introduce a new fixed tariff ...
New (KOSDAQ: 160550.KQ - news) rules to determine lump sum payouts for personal injury claims will cost British motor insurers and reinsurers 3.5 billion pounds ($4.5 billion) initially, consulting firm EY estimates. A government review earlier this year led to a cut in the discount rate used to calculate the payments, to minus 0.75 percent from the 2.5 percent in place since 2001, a move which wiped millions off the profits of UK insurers. Admiral's pretax profit fell by 25 percent in 2016 after the car insurer took most of the hit from the rate change in last year's earnings, while Direct Line (Other OTC: DIISD - news) took a one-off hit to earnings.