(Bloomberg) -- Hastings Insurance Group increased its customerbase by 20% in 2014, boosting profitability and setting the U.K.car insurer on track for a potential initial public offering thisyear.
Hastings, which generates 90% of its business fromprice-comparison websites, gained 290,000 customers last year to1.71 million, a statement showed Thursday. Gross written premiumsincreased 19% and adjusted pretax profit rose 29% to 69.3 millionpounds ($103 million).
“Everyone is very pleased with the way the company isprogressing, but at some stage it’s appropriate for shareholders tobe able to get a return on their investments,” Chief ExecutiveOfficer Gary Hoffman, 54, said in a telephone interview. “There aredifferent ways of doing that and an IPO is an obvious way.”
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
