Personal Group says too early to 'accurately assess' impact of Covid-19

4th Jun 2020 09:48

(Sharecast News) - Insurance company Personal Group said on Thursday that it was still too early to "accurately assess" the eventual impact of Covid-19 on the business.
Personal Group said that like many other companies, much of 2020 had been taken up with preparing for, and responding to, Covid-19.

However, the company also stated that it had made an "encouraging start" to the year given the current environment.

"We do have a robust recurring revenue model across the group including insurance where the most obvious impact is that currently, we cannot sell our insurance products face-to-face," said chairman Mark Winlow at the firm's closed-door annual general meeting.

"So, as an example of the actions we are taking, we have switched our salesforce to telesales to retain and recapture policyholders. We have also introduced new company-wide pandemic insurance product for our clients."

Winlow added that the AIM-listed group was already paying out on Covid-19 claims.

Elsewhere, Personal Group revealed that chief financial officer Mike Dugdale will retire from the group on 30 September, when group financial controller Sarah Mace will succeed him.

As of 0945 BST, Personal Group shares were down 2.10% at 254.55p.