Highlights
On track for another year of strong, profitable growth, with gross written premiums up by 28% to £360.6 million (30 June 2015: £282.7 million), net revenue up by 27% to £282.7 million (30 June 2015: £222.6 million) and Group operating profit1 up by 20% to £70.8 million (30 June 2015: £59.2 million).
Continuing increase in customers and market share, with live customer policies up by 17% to 2.2 million (30 June 2015: 1.9 million) and market share of UK private car insurance increased to 6.2% (30 June 2015: 5.5%).
Continued growth in home and telematics, with live customer policies increasing by 67% and 73% respectively, as we benefit from continued growth in price comparison website penetration.
Calendar year loss ratio3 of 74.0%, below the 75% to 79% target range over the insurance market cycle (30 June 2015: 73.6%).
Strong operational performance and lower financing costs increase net income2 by 55% to £51.9 million (30 June 2015: £33.5 million).
Ongoing cash generation and accelerated debt repayment, with retail cash generation up 29% to £49.1 million (30 June 2015: £38.1 million) and net debt leverage multiple4 reduced to 1.9x (30 June 2015: 3.2x).
Strong financial position, with Solvency II coverage of 156% (31 December 2015: 156%).
Ongoing investment for growth, with Guidewire now handling all new claims, the Guidewire broking platform commencing roll-out and over 700 colleagues in Leicester providing significant capacity for further growth.
Strengthened Board, with Dr Teresa Robson-Capps and Alison Burns joining as independent non-executive Directors.
Interim dividend of 3.3p per share, in line with the Group's dividend policy and reflecting the ongoing cash-generative nature of the business.
