Hastings suggest better FY loss ratio as Q1 net income slips

26th Apr 2019 07:33

(Sharecast News) - Insurance company Hastings said its loss ratio could move towards the higher end of its target range as first quarter revenue slipped 1% on lower premium and reinsurance income.Gross written premiums rose 4% to £235.5m for the first quarter as live customer policies increased 3% to 2.75m, in a "competitive" market environment.Net revenue was down by 1% to £183.1m."The group's full year loss ratio outlook depends upon the market environment during the remainder of 2019. If the current market premium and claims dynamics continue through the year the group loss ratio would be expected to move towards the higher end of the 75% to 79% target range," the company said"Claims inflation remains high across the industry, with the main drivers continuing to be repair costs and further increases in third party property damage costs."