(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).
“Everyone is very pleased with the way the company is progressing, but at some stage it’s appropriate for shareholders to be able to get a return on their investments,” Chief Executive Officer Gary Hoffman, 54, said in a telephone interview. “There are different ways of doing that and an IPO is an obvious way.”
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