Moneysupermarket has posted insurance revenue of £172m, in the year ended 31 December 2022, compared with £158.7m in 2021.
The Moneysupermarket group saw an overall rise in its revenue from £316.7m to £387.6m with performance driven by recovery in travel channels and trading in money, which, according to the aggregator, was partly offset by the closure of the energy-switch market.
The results detailed car and home premium inflation gaining momentum through the year, rising in double-digits compared with the previous year, as premiums increased to reflect the rising cost of claims.
According to the price-comparison business, acceleration of premium inflation in the year helped drive search traffic.
Travel insurance also grew as the market continued to recover after the lifting of pandemic-related restrictions.
The aggregator stated that travel insurance is now its second-largest insurance channel, with revenue 20% above 2019 levels.
However, following the introduction of the Financial Conduct Authority’s general insurance pricing regulation in January 2022, market-switch volumes for car and home saw double-digit declines in H1, although this improved to single-digit declines in H2.
The report stated that providers, especially those with larger back books, gradually reassessed their customer-acquisition strategies with new products launched as the year progressed.
Peter Duffy, CEO of Moneysupermarket, commented: “I am pleased to report a strong return to revenue and profit growth as we build strategic momentum. The progress we’ve made gives us the foundation for more product innovation, which, amid a tough macroeconomic climate, will help households find even more ways to save with our portfolio of trusted brands.”
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