Hastings promises more investor payouts despite insurer’s slowing growth

Insurance group Hastings has promised to pay out more of its profits to shareholders, despite a slowdown in its growth rate. 

The company on Thursday announced a 7 per cent increase in its full year dividend, equivalent to 59 per cent of its adjusted profits. It said that in future it would aim to pay out between 65 and 75 per cent of profits. 

Hastings warned in October that its rate of growth was slowing, and that claims inflation was running ahead of premium inflation.

Hastings said its number of policies climbed 2.5 per cent in 2018 to 2.7m. The previous year, the policy count grew by 13 per cent.

Operating profits increased 4 per cent to £191m. 

Chief executive Toby van der Meer said: “We remain focused on long term profitable growth, with our price comparison website and digital focused business model built to take advantage of an increasingly digital landscape.”


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