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U.K. auto insurer eyes potential IPO

Hastings Insurance Group increased its customer base by 20% in 2014, boosting profitability and setting the U.K. car insurer on track for a potential initial public offering this year.

By Sarah Jones, Bloomberg | Updated on April 09, 2015

(Bloomberg) — Hastings Insurance Group increased its customer base by 20% in 2014, boosting profitability and setting the U.K. car insurer on track for a potential initial public offering this year.

Hastings, which generates 90% of its business from price-comparison websites, gained 290,000 customers last year to 1.71 million, a statement showed Thursday. Gross written premiums increased 19% and adjusted pretax profit rose 29% to 69.3 million pounds ($103 million).

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