Manchester-based insurtech, Ripe, has revealed its annual results this morning, showing 17% year-on-year growth.
The tech firm’s figures show that turnover reached £27.2m in 2022, while policy holders increased 12% to 315k over the last 12 months.
However, its gross profit decreased by 9%, that it said was due to a “focus on expansion, increased capabilities” and growing staff numbers (up 27% year-on-year)
The company added that it had “invested heavily” in technology as it prepared to expand into the SME market. It’s also added to machine learning and automation capabilities to its systems – through a knowledge transfer partnership with the University of Salford.
“This is a strong set of results, demonstrating that we can continue to be profitable, while investing significantly in the long-term growth of the business,” said Rob Styring, Chief Financial Officer at Ripe.
“This year, we’re continuing to prioritise innovation and strategic growth. We will continue scaling the business, building on an already strong product portfolio, to cement Ripe as the UK’s leading digital insurer.”
The company is backed by Aquiline Capital Partners.