ManyPets posts £42 million loss
Pet insurance unicorn ManyPets has recently shared its financial results for the year ending March 31, 2023.
The company recorded a £42 million loss for the year, an increase compared to the loss posted for the year ending March 31, 2022 (£31 million).
In May, we covered ManyPets following its decision to pause marketing in the US. Our story touched on different aspects, including lower sales the company is experiencing. Based on the financial figures, ManyPets GWP for the period reached £234 million, an 8% increase compared to the prior year. However, the company has seen a decline in commission income, going from £42 million for the year ending March 31, 2022 to £33 million for the current reporting period.
Despite the year-over-year revenue decline, staff costs increased from £25 million to £32 million (ManyPets has reduced its workforce this year).
In terms of number of pets, the company reported over 500k insured cats and dogs across the UK and Sweden for the period. For the year ending March 31, 2022, ManyPets reported the same figure. For the year ending March 31, 2021, ManyPets had over 400k insured cats and dogs across the UK, Sweden, and US.
Update: Coverager has received the following statement made by Luisa Barile, CFO of ManyPets:
“Like most insurance businesses, we were hit by high inflation in 2022-23. Vet treatment in particular rose higher than CPI and negatively affected our revenues. Despite this, we maintained significant market share among more established competitors, achieving group sales of £630m over the last three financial years, with GWP growth of 14% in the last FY alone.As the global economic growth faltered, we took a number of corrective actions in 2023 to improve our position. This included focusing our investment in our core markets in the UK and US, as evidenced by our decision to exit from the Swedish market. We also continue to invest in evolving our business operations to meet our customer growth. This will ensure that our service levels match the high standards our customers have previously experienced. Specifically, we have invested in machine-learning powered claims technology, and claims processed directly by vets using our new portal are completed in industry-leading processing times.”