Gross written premiums fell 1.9 percent in the first six months of the year to 260.4 million pounds ($438.2 million) compared with 2013 and are expected to continue to decline in the second half, the Reigate, England insurer said in a statement today.
"Our view hasn't changed — we think there needs to be one more reporting cycle before prices start to improve," Vann said in a telephone interview. "There's no point going for top-line growth in this type of market."
U.K. prices for new car insurance policies have fallen for 10 straight quarters amid changes in regulation and increased competition, a Tower Watson report showed last month. Admiral Group Plc, which reports earnings next week, said that it sees no sign of a recovery soon, while Direct LineInsurance Group Plc said it's too early to tell if prices have hit an inflection point.
Esure reported a 0.4 percent increase in pretax profit to 57.1 million pounds in the first half and a combined operating ratio, a measure of profitability, at 90.9 percent. The company doubled its interim dividend to 5.1 pence a share.
The shares rose 1.2 percent to 260.2 pence at 10:42 a.m. in London.
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