Esure Group, operating under the two main bands of esure and Sheilas’ Wheels, has reported a trading profit, which excludes the impact of costs relating to one-off activity, of £83.5m for the year to 31st December 2021. This was up from the £82.6m recorded the previous year.

Profit after tax for 2021 was £7.7m, down from the £29m reported a year earlier. The drop was a result of expenditure related to investment in the company’s operations, including its digital insurance platform, new data science capabilities and systems costs.

In-force policies increased from 2.45 million (2020) to 2.54 million (2021). The net loss ratio deteriorated from 70% (2020) to 72% (2021), while the unit cost per policy reduced to £92.1 (2021) from £94.21 (2020). Group turnover dipped to £908m in 2021 from the £936 posted the previous year.

David McMillan, CEO of Esure Group, said: “The Group continued to grow its motor and home customer base conservatively, maintaining underwriting discipline against a backdrop of soft market prices. By the end of the year we made significant progress towards the re-platforming of the business and expect to be launching new digital customer propositions and journeys in 2022.”

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