’We have strengthened the business with a focus on optimising customer experience on our new platform and expanding our product offering,’ says chief executive
Esure managed to secure a post tax profit of more than £50m in 2024 following a loss the previous year.
In a trading update published today (1 April 2025), the home and motor insurer said it secured a profit after tax of £57.7m in the 12 months to December 2024, up from a loss of £60.1m the year before.
The firm’s combined operating ratio also improved year-on-year, dropping from 102.5% to 84.5%, while turnover increased from £973m to £1.11bn.
The improved figures come following Esure, which has been touted as takeover target for Ageas, Allianz and Aviva, completing its multiyear transformation in 2024, with the firm going through a complete rebuild.
The insurer said that real-time insights on the new platform “mean we can quickly respond to evolving customer needs”.
Chief executive David McMillan added: “We have strengthened the business with a focus on optimising customer experience on our new platform and expanding our product offering.
“Leveraging the benefits of the transformation and maintaining a disciplined approach to trading has also enabled us to deliver record financial performance, laying strong foundations to achieve our long-term growth plans.”
Takeover target
Esure is currently owned by private equity firm Bain Capital, which acquired the provider in 2018 for £1.21bn.
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It was first reported in September 2024 by Reuters that the PE firm was looking at a possible sale of Esure, with advisors being lined up as a result.
The insurer did not say anything about a potential acquisition in its financial results.
Speaking about its outlook for 2025, it said it had a “strong foundation to deliver profitable, sustainable growth after a transitional year in which profitability was restored through a combination of the disciplined underwriting approach, enhanced product distribution capabilities post migration and the end of dual-running and transformation expenditure”.
McMillan added: “The strength of our pricing and underwriting fundamentals, supported by cutting-edge data and artificial intelligence (AI) capability, will be critical to trade successfully in a competitive market.
“With our transformation spend now behind us, we’re well-positioned to deliver continued sustainable profitable growth.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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