- Turnover reached £26.6m for 2021
- 11% increase in number of customers
- EBITDA increased to 38%
Avantia, the high-growth virtual insurer behind the Homeprotect brand, grew its turnover by more than a fifth (21.5%) in 2021.
The annual report showed that the organisation increased turnover from £21.9m in 2020, to £26.6m. This was driven by an 11% growth in its customer base and continued progress in its renewal and premium finance revenue streams. The insurer also increased its gross margins and gross profit in 2021, while continuing to deliver strong loss ratio results.
Mark Eastham, CEO at Avantia Group, said: “We exist to empower people to protect their homes and the things they love. Building large parts of the insurance value chain on our intelligent decisioning platform has enabled customers even with the most unique needs to get an instant, online quote, whilst our UK customer service teams are on hand to provide support when only a real person will do.
“It is very encouraging to see over 20% growth in 2021, exceeding our own internal targets. Importantly we’ve continued to deliver strong loss ratio results at the same time as sustainable growth for the business.
“Despite the numerous challenges of the past twelve months we’ve been able to continue to innovate and help more homeowners with their insurance provisions – evidenced by the 11% growth in the number of customers we’ve helped. Throughout the next twelve months we will apply our decisioning platform to settle claims faster and more effectively, along with building an increasingly personalised proposition for our customers.”