August 8, 2019 / 6:23 AM / 4 months ago

Hastings posts steep drop in first-half profit

Aug 8 (Reuters) - Hastings on Thursday posted first-half profit that more than halved, as the British insurer set aside more money for claims after a government-ordered change in the discount rate used to calculate compensation for personal injuries.

The company, with over 2.7 million live customer policies, reported a 47% fall in pretax profit to 46.1 million pounds for the six months ended June 30. That came in below the 50.7 million pounds estimated by analysts as per company-compiled consensus. (Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; Editing by Anil D’Silva)

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