February 27, 2020 / 7:23 AM / a month ago

Insurer Hastings 2019 adjusted profit plummets more than 40%

Feb 27 (Reuters) - UK-listed Hastings reported a 42.4% plunge in 2019 adjusted profit on Thursday, as the motor insurer struggled with intense competition and steep car repair costs.

The company’s adjusted operating profit dropped to 109.7 million pounds ($142.54 million) for the 12 months ended Dec. 31, from 190.6 million pounds.

Gross written premiums edged up to 961.6 million pounds from 958.3 million pounds.

“It’s not been an easy market environment, with lower prices and rising claims costs impacting our financial results for 2019,” Chief Executive Toby van der Meer said. ($1 = 0.7696 pounds) (Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

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