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Financial Targets

Financial targets for 2021-2023

Group P&C insurance operations

  • Ambition to grow underwriting profits by mid-single digit percentage per annum on average from the 2020 level excluding COVID-19 effects
  • Group combined ratio below 86 per cent


  • Combined ratio below 85 per cent


  • Operating ratio* below 88 per cent
  • Calendar year loss ratio** below 76 per cent

*) Calculation formula: (claims + operating expenses + operational D&A)/net revenue excluding investment income
**) Consistent with historical Hastings disclosures, equivalent to If risk ratio.

Group capital management

  • Solvency II ratio 170 – 190 per cent
  • Financial leverage* below 30 per cent
  • Dividend payout ratio at least 70 per cent of net profit excluding extraordinary items
  • Progressive insurance dividend
  • Return excess capital to shareholders

*) Calculation formula: financial debt/(financial debt + IFRS equity)

Updated 19 May 2022