Hastings posts profit drop after "challenging" 2019
CFO John Worth said results were driven by elevated claims as the business reports rising GWP in every division except van.
Profit after tax fell to £69.7m at Hastings Group in 2019, down from £130.6m in 2018.
The business also reported a drop in operating profit to £109.7m for the year, compared to £190.6m in 2018.
Gross written premiums (GWP) remained relatively flat at £961.6m (2018: £958.3m).
Hastings chief financial officer, John Worth, told Insurance Age that the falling numbers were due to a challenging market environment.
Claims inflation
The motor provider warned in a trading update on 17 January 2020
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