Insurance group Hastings (LON:HSTG) reported higher claims costs over the first quarter of the year due to adverse weather conditions, but confirmed it was “on track to deliver targets”.

The ‘Beast from the East’ caused an increase in claims over the period, but the firm said it remained confident of delivering a calendar year loss ratio just below or within the target range of 75 percent to 79 percent. Investors were less sure, however, with the statement sending shares down nearly 7 percent.

In other respects the firm performed well, with Q1 net revenue jumping 12 percent compared to the same period a year ago. Gross written premiums also rose 5 percent, partially offsetting the higher than expected claims costs.

“We remain on track to deliver on our targets, including achieving 3 million customers during 2019 whilst maintaining our underwriting discipline and strong capital position,” the firm said.

Live customer policies increased to 2.67 million, an impressive 10 percent year on year increase, with its share of UK private car insurance market rising to 7.4 percent.

Hastings Group (LON:HSTG) shares are currently trading down 6.81 percent to 260.20 (0848GMT).