Esure Group has announced that its full year pre-tax profit increased to £34.2m from £3.3m the previous year.
The insurers’ gross written premiums also grew by 0.8% to £841m from £834.5m with an increase of 3.% in the number of in-force policies, offsetting a reduction in the average premium.
However, the combined operating ratio which had previously fallen to 106.3% in 2019, dropped to 104.4% which the group attributed to an improvement in the net loss ratio as claims fell in 2020 due to lockdown measures.
The company stated that it expects market conditions to remain competitive in 2021 with high levels of “on-going uncertainty” in the insurance market relating to four key areas – the Covid-19 pandemic, Brexit, the delayed Civil Liabilities Act and the FCA Market Study.
David McMillan CEO, said: “Supporting our customers through this period and safeguarding our colleagues’ health and wellbeing has been at the forefront of all our decisions throughout the year.
“The welfare and protection of our customers and colleagues has been a top priority throughout 2020 and we have adopted a comprehensive set of measures to protect and support them during this uncertain time.”