Hastings increases market share as revenues rise 22% to £132.7 million
Insurer Hastings has said that revenues rose 22% to £132.7 million in the first quarter as the firm increased its market share.
The number of customers on its books grew 17% to 2.1 million and Hastings' share of the private car insurance market also increased to 6% from 5.3%.
The company said it is on track to meet targets outlined when it launched its £1.1 billion IPO last year.
Gary Hoffman, chief executive of Hastings, said: "Based on the continuing positive momentum in the business, we remain confident of delivering against our expectations and targets for all of our stakeholders."
However, analysts at Shore Capital reiterated their sell rating, flagging stiff competition as having the potential to derail the firm.
Eamonn Flanagan at Shore Capital said: "This improvement demonstrates a key negative aspect for the UK personal motor insurance industry, where the barriers to entry are so low that a relative newcomer can gain such scale and market share so quickly. All okay until the next new entry comes along."