Esure : Directorate Change & Trading Update

19 January 2018

esure Group plc

Directorate Change and Trading Update

The Board of esure Group ('the Group', 'esure', 'the Company') announces that, by mutual consent, Stuart Vann is stepping down as Chief Executive Officer with immediate effect.

As esure continues to evolve its long term strategy the Board and Stuart have agreed that this will be best achieved through new leadership with significant expertise and experience in a broad spectrum of customer facing businesses, in an increasingly digital and data driven world. The process has commenced to find a successor.

Since joining in 2000 Stuart has been instrumental in the success of the business to date working across a number of influential roles and became CEO in February 2012. The business has grown in this time to 2.4 million in-force policies and over £800m in gross written premiums.

During the process of selecting a new CEO, Darren Ogden, CFO, will become interim CEO, subject to regulatory approval. Darren will be supported by Sir Peter Wood who will take a more active role in the business. The Group will continue to focus on delivering for its customers, colleagues and shareholders.

Sir Peter Wood, Chairman, commented:

'On behalf of the Board, I'd like to thank Stuart for his immense contribution to esure. Under his direction, the Company has introduced a successful footprint expansion programme and the business remains on track to deliver 3 million in-force policies by 2020. We wish him all the best for the future. Looking to the future, the process of selecting a new CEO is under way.'

Stuart Vann commented:

'After 17 years at esure I feel now is the right moment to move on. I have enjoyed my time with the business immensely and am proud of all that we have achieved. I would like to thank the Chairman and the Board for their support over this time. Now is the right time to pass the baton on to someone else to take the business to the next level.'

Trading update

The Group continues to deliver on its profitable growth ambitions and has achieved gross written premiums of £820m (up +25% vs. £655m in 2016), in-force policies of 2.4 million (+9% vs. 2.2 million in 2016) and a profit before tax in the region of £95m-£98m in 2017 (+30% to +35% vs. £72.7m in 2016), subject to audit.

The Group has started 2018 positively and is trading in line with the Board's expectations.

The Group's next scheduled update will be its 2017 preliminary results announcement on 7 March 2018.

Additional information

Details of Stuart Vann's severance terms are still to be finalised. Any such terms will be consistent with the Company's approved Directors Remuneration Policy. Details of any payments to be made to Stuart will be posted on the Company's website, in accordance with section 430(2B) Companies Act 2006.

For further information:

Notes

As at 18 January 2018, the Company compiled consensus for 2017 profit before tax was £96m.

About esure Group plc

esure Group plc is an efficient, customer-focused personal lines insurer, founded in 2000 by Chairman, Sir Peter Wood, Britain's foremost general insurance entrepreneur. The Group is one of the UK's leading providers of Motor and Home insurance products through the esure and Sheilas' Wheels brands.

Cautionary statement

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Disclaimer

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

The esure Group plc LEI number is 213800KOI3F5LM54PT80.

The person responsible for arranging the release of this announcement on behalf of esure Group is Darren Ogden, CFO.