Esure Group, which comprises esure, Sheilas’ Wheels and First Alternative, has reported a combined operating ratio of 84.5% for 2024, an improvement of 18 percentage points on the previous year. Profit after tax was £57.7m, turning around the £60.1m loss it posted in 2023. Policies in force nudged up from 2.07 million to 2.13 million.

David McMillan, chief executive officer at Esure Group, said: “2024 was a landmark year on our journey to build the UK’s pre-eminent digital insurer. We successfully completed our multi-year transformation, migrating all customer policies, claims and 1.6 billion data points onto our cloud-native platform, and fully decommissioned our legacy technology just three months later. This has unlocked huge potential for us.

He added: “By optimising customer experience on the new platform, expanding our product offering, and maintaining a disciplined approach to trading, we have also delivered record financial performance. I’m immensely proud of what we’ve achieved and excited about the opportunities ahead, as we continue to leverage our market-leading digital platform.”