First half profits surge at esure amid accelerating demand
Motor insurer esure has seen first half profits surge off the back of rising prices and higher demand for its products.
Esure, which owns brands including Sheilas' Wheels, said that pre-tax profits rose 44.6% to £45.1 million in the six months to June 30.
Gross written premiums grew 22.8% to £393.3 million in the period as boss Stuart Vann hailed a "great start to 2017".
He added: "We have delivered strong growth in premiums, policies and profits as the success and momentum of our footprint expansion programme and disciplined underwriting continues to drive the business forward.
"In Motor, we are growing across all our customer segments, demonstrating the value and service proposition we offer to customers.
"Overall, it has been a great start to 2017, and we are firmly on track to deliver results at the positive end of our 2017 guidance."
Esure saw profits at its motor division grow from £34.3 million to £48.1 million and its home insurance arm recorded a 21% increase in profit to £3.4 million.
Total in-force policies rose 8.8% to 2.25 million.
Shares rose 0.8% in morning trading to 297.5p.
Mr Vann added: "I am really pleased with the outcome of our reinsurance renewal on July 1 which is testament to our focused underwriting approach and strong relationships with our reinsurance panel.
"As indicated earlier in the year, we have increased prices in the first half of the year which mitigate this increased cost to the business, whilst continuing to grow."