Insurance company Esure (LON:ESUR) reported soaring profits over the course of 2017, causing its shares to edge up in early morning trading.
Pre-tax profits rose 5.6 percent to £98.6 million in the year to the end of December, driven by a 25.2 percent rise in written premiums and a 9.2 percent rise in in-force premiums.
Profit after tax from continuing operations increased 35.1 percent to £80.4 million, with the combined operating ratio improving by 2.1 percentage points to 96.7 percent compared with 98.8 percent the year before.
Interim chief executive Darren Ogden commented: “2017 has been a year of significant delivery and I look forward to 2018 with great confidence”
“In 2018, we are targeting a similar combined operating ratio to 2017, assuming normal weather, as we look to deliver a positive contribution and grow the business.
“We continue to deliver profitable growth and remain on track for our three million in-force policy target by 2020.”
Esure’s chief executive, Stuart Vann, left the company in January, meaning the hunt continues for a new CEO to fill his position. Group chairman Peter Wood said that Esure will be seeking a replacement with digital experience.
Esure shares are currently trading up 1.52 percent at 227.80 (1029GMT).
