aa warns insurance tax will increase churn as it suffers £63.6m loss /

Published at 2015-09-22 11:26:40

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Motor insurance firm – hit by the refinancing of expensive debt – also reports dip in half-year revenues but insists plans to overtake trade 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, or insisted plans to overtake the trade 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