Moneysupermarket Group has notched up higher profits after delivering record sales thanks to booming car and home insurance switching as customers tried to find better deals in the face of “exceptionally” big cost hikes.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning.
00:10 Money Supermarket has reported an 8% rise in annual profits after notching up record
00:15 sales thanks to high levels of switching for car and home insurance following exceptionally
00:19 big increases in the cost of cover.
00:22 The group posted pre-tax profits of £92.1 million for 2023, with sales up by 11% to
00:29 £432.1 million.
00:33 It saw a 27% surge in insurance revenues over the fourth quarter, with rocketing premium
00:39 prices driving high levels of switching.
00:42 But it said the ramp-up in car premium costs started to stabilise towards the end of the
00:48 year.
00:49 Money Supermarket saw no material revenues from energy switching and said it doesn't
00:53 expect this to improve over the year ahead.
00:56 There's an update there for Money Supermarket, which reported a rise in annual profits after
01:01 notching up record sales.
01:03 My name's Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.