Property News · September 22, 2015

AA warns insurance tax will increase 'churn' as it suffers £63.6m loss


Motor insurance firm – hit by the refinancing of expensive debt – also reports dip in half-year revenues but insists plans to overhaul business are on trackThe AA has slid to a near-£64m loss and said that the government’s increase in insurance premium tax would increase “churn” among its customers – the number of policyholders shopping around and switching to rival insurers.The insurance and roadside assistance group also reported a dip in revenues for the six months to 31 July, but Bob Mackenzie, its executive chairman, insisted plans to overhaul the business were on track. It came as shares in AA, which floated last year at 250p, fell by nearly 8% to 307p in early trading on Tuesday. Continue reading…

Source : theguardian.com
Read more…AA warns insurance tax will increase ‘churn’ as it suffers £63.6m loss

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