It’s great to be able to share our first interim results as a stand-alone insurance distribution business. You’ll notice a few differences in the numbers we report this time. As we’re no longer an underwriting business we won’t use metrics like GWP but focus on meeting Member and customer needs, our revenue and the number of policies sold with our partners.

Our long term partnership with Markerstudy group is now well underway. Although getting the sale completed was very challenging at times, I’m delighted that we’re starting to see the benefits of the relationship. Our Car and Home Insurance sales have been a key contributor to the £18m of revenue we’ve done in the first half of the year. I’m also looking forward to growing our market presence by utilising our unique Co-op assets (Brand, data, Membership and the stores), and increasing our product range in the years ahead.

During the first half of 2021, some of the trends we saw in the lockdowns of 2020 continued. This included a reduction in the demand for travel insurance because of restrictions. We’re now starting to see the number of travel insurance sales increase as the market opens up again and our sales are supported by the ‘Superior’ Covid-19 rating we were awarded by Which? This is great news for our Members and customers, who’ll be looking for this level of protection to give them confidence as they start to travel again.

Although coronavirus has caused challenges in some areas – customer trends in others have partly offset this. Our Life insurance and Pet insurance sales have been excellent, with 26% and 45% more policies sold than in the same period last year respectively. Consumers are now thinking more about protecting the things that matter to them – making sure their loved ones will be looked after when they’re gone and caring for their family pets are increasing priorities.

Despite the challenges Coronavirus and restrictions continue to throw at us, we’ve had a strong first half of 2021 with our new capital lite, partnership based insurance business model. The team has done an amazing job and continues to go from strength to strength – I’m excited for the future as we build on this and bring Members and customers a better kind of Insurance, with great quality products at competitive prices.

Charles

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