Insurtech Ripe has reported turnover of £27.2m for 2022, an increase of 17% on the previous year. It said it has also increased policyholder numbers by 12% to 315,000, although it said its gross profit margin had fallen by 9% on last year.

Rob Styring, chief financial officer at Ripe, said: “This is a strong set of results, demonstrating that we can continue to be profitable, while investing significantly in the long-term growth of the business.

“This year, we’re continuing to prioritise innovation and strategic growth. We will continue scaling the business, building on an already strong product portfolio, to cement Ripe as the UK’s leading digital insurer.”

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