The latest set of financials from Many Pets have a positive vibe;
Many Group, the parent company of insurance brand ManyPets, has announced it has achieved profitability for the first time since it launched insurance products in 2017, marking a pivotal moment in its journey from insurtech scale up to a mature market player.
The group reported a net profit of £6.25m for the year ending 31 March 2025, a significant turnaround from the £33m loss recorded in the previous year. Gross Written Premium (GWP) stood at £232m and revenue at £62m, up from just under £30m the previous year.
Loss ratio also reduced from 78% in 2023/4 to 70% for 2024/5, reflecting the tighter management of ManyPets’ insurance book and a new pricing strategy.
Group CEO Luisa Barile said: “The past year has been a pivotal one for ManyPets. We are incredibly proud to report a return to revenue growth, with our first annual profit, of more than £6m.
“This success is down to more efficient processes, our market-leading proprietary technology and our exceptional, customer-focused team. ManyPets has been able to innovate at speed, offering a seamless service to pet parents at a lower cost.
“With a lean cost base, agile pricing, a well-managed loss ratio and a sharp focus on cutting-edge innovation, we have a healthy business with a strong foundation for sustainable growth.”
The 2024/25 financial year saw Many Group complete a transformational roadmap to enable profitable growth, with the business focusing on innovation and operational efficiency to enhance customer experience and its product.
Claims and customer service operation was restructured and policy administration migrated to Many Group’s own proprietary insurance platform, bringing cost benefits and greater flexibility, allowing automation to be embedded across almost every layer of the business.
Up to 45% of claims are now handled via ‘Millie’, an AI claims assistant, improving claims turnaround time. Plus, Many Group has developed its own AI models to automate elements of service, freeing up more time for agents to spend with customers.
The profit milestone coincides with Luisa Barile’s first full year as Group CEO, together with new senior leadership team members.
The past year saw Many Group welcome three new members to its senior leadership team, bringing a strong breadth of experience and expertise. Shane Larkin (formerly at Sky) joined as Chief Marketing Officer, Nicci Setchell (previously at Just Eat) joined as Chief Finance Officer and Kate Laurie (ex-Orbus) joined as VP of People, while Russell Rhodes was promoted to VP of Engineering.
Luisa Barile added: “With a diverse and talented team, momentum and a clear roadmap, we are well positioned to deliver on our ambitions for the UK market.
“Prioritising technological innovation means we are now a mature, agile operator, rich in data-driven insight and able to continue to scale.
“Looking ahead, we are now set to invest further in our marketing channels and proposition to drive our next phase of growth.”
For more information, please visit: www.manypets.com
Be the first to comment