Esure — FY2024 Earnings Presentation
20 slides from Esure's earnings presentation, April 2025
Slide 1: 2024 Results Update
2024 Results Update April 2025 IMPORTANT: You must read the disclaimer at the end of this document before continuing. The attached presentation is in summary form, has been prepared solely for information purposes and on the basis of your acceptance of the disclaimer.
Slide 2: Headlines & Strategic Update
Headlines & Strategic Update
Slide 3: At a glance
At a glance Strong growth and financial performance following completion of industry-leading technology and data platform transformation, delivering value through: 2.13m £1.1bn £127m Growth: • +8% in-force policies over 2024 H2 In-force Policies Turnover Trading Profit +2.9% +14.2% +£144m • Improved
Slide 4: Growth restored in Q2 2024
Growth restored in Q2 2024 In-force policies and turnover increased over 2024 In-Force Policies (m) • 2024 H1 saw the completion of esure’s transformation programme, including 1.54 : +5.7% over H2 1.50 1.46 the tail-end of strategic spend to support decommissioning of old systems • The full migratio
Slide 5: Sustainable profitability
Sustainable profitability Significant increase in profitability as 2023 and early 2024 Motor Market Average Premium (£)(1) written rate earned into the 2024 P&L 1,000 • Market underwriting margins were high at the end of 2023 and into early 900 2024, with profitability above long-term norms 800 • Ma
Slide 6: Technology driving efficiency
Technology driving efficiency The Group’s new technology platform enables it to High-quality customer and business outcomes effectively trade through the underwriting cycle • Our advanced digital platform means we are well placed to deliver low-cost personalised customer experiences using advanced d
Slide 7: The transformation programme has delivered our strategic vision
The transformation programme has delivered our strategic vision to build a low-cost, industry-leading technology and data platform for the UK market Objectives Journey Outcomes ✓ 100% cloud-based and modular, with seamless ✓ Completed in 3 years connectivity with service providers Build a low-cost o
Slide 8: Financial Performance & Balance Sheet
Financial Performance & Balance Sheet
Slide 9: Motor: Strong written profitability across 2023 has earned into 2024
Motor: Strong written profitability across 2023 has earned into 2024 Financial Performance Highlights Market conditions remained competitive, but esure traded effectively to grow turnover and in-force policies whilst improving profitability 2024 2023 vPY • In-force policies increased 2.7% over the y
Slide 10: Home: Strong policy growth despite transformation disruption
Home: Strong policy growth despite transformation disruption Financial Performance Highlights Improved rate and volume metrics • Turnover increased 18.4% in 2024 due to growth in average written 2024 2023 vPY premium and increasing policy count • In-force policies increased 5.0% over the year, with
Slide 11: Significant increase in trading profitability along with transformation spend finishing
Significant increase in trading profitability along with transformation spend finishing Financial Performance Highlights Highlights • Lower loss ratio and revenue growth driving significantly increased 2024 2023 vPY Motor and Home Trading results Motor 146.7 21.5 +582% • Improved investment performa
Slide 12: Consistent use of reinsurance and improving capital outlook
Consistent use of reinsurance and improving capital outlook Reinsurance Highlights £14.0m £14.0m • Consistent reinsurance programme 40% 40% £1.0m £1.0m • Low reinsurance retentions relative to peers and market size – minimal net volatility from Ogden discount rate changes • Consistent use of quota s
Slide 13: Strong and conservative balance sheet
Strong and conservative balance sheet Investments Highlights AAA • Highly-rated bond portfolio, with increase in AAA-A rated assets 13% Government and Below BBB or not rated over the year supranational bonds 43% 5% • Highly-liquid investment portfolio, with slight reduction in cash BBB AA over the y
Slide 14: Outlook
esure GROUP Outlook
Slide 15: esure is well positioned for continued growth, capitalising on Game Changing platform
esure is well positioned for continued growth, capitalising on Game Changing platform Market Outlook • Near-term Motor market uncertainty following strong 2024 results and change to the Ogden rate • Inflation remains a feature across the market with 2024 severity inflation continuing at relatively e
Slide 16: Appendices
esure GROUP Appendices
Slide 17: Financial Performance: 2024 Annual Report & Accounts
Financial Performance: 2024 Annual Report & Accounts Year ended 31st December 2024 (£m) 2023 (£m) vPY • Insurance revenue increased 16.9% due to increases in Insurance revenue 1,016.9 870.1 +16.9% average written premium and policy volumes Insurance service expense (754.6) (825.1) (8.6)% • The movem
Slide 18: Financial Performance: 2024 Annual Report & Accounts
Financial Performance: 2024 Annual Report & Accounts 2023 (£m) Year ended 31st December 2024 (£m) vPY (Restated) Goodwill and intangible assets 11.2 14.7 (23.8)% • Borrowings now exclude the final £25m of 10-year subordinated Property, plant and equipment 17.3 23.1 (25.1)% notes that were issued by
Slide 19: Glossary of Terms
Glossary of Terms In-force Policies is the number of live insurance policies at any point in time and is a key measure of the scale of the Group’s engagement with customers. Turnover includes insurance revenue, excluding the movement in unearned premium, and other income. This measure is used by man
Slide 20: Disclaimer
Disclaimer The information and the opinions in this presentation have been prepared by esure Group plc (the Company). This presentation and its contents are intended for use by the recipient for information purposes only and may not be reproduced in any form or further distributed to any other perso