Hagerty, a specialist in motor insurance, has released its earnings report for the second quarter of 2024, announcing improved financial results during the period.

Here’s how the car enthusiast brand performed in the three months ending June 30:

“We delivered excellent revenue growth and margin expansion in the first half of 2024 as our differentiated business model delivers sustainable compound growth,” commented CEO and Chairman Michael Hagerty.

“The 22% overall revenue gain was supported by an 18% growth in written premiums as our vehicle count increased by 8% year-on-year. The higher growth rates, coupled with more efficient and effective business operations, resulted in an expansion of operating margin by 840 basis points.”

“This intense focus on profitability has resulted in net income of $51 million and EBITDA of $80 million in the first six months of 2024, exceeding expectations.”

Meanwhile, due to a “strong start to the year and continued business momentum,” the CEO said they have increased Hagerty’s growth forecast for 2024.

“We now expect written premiums to grow by 14-15% during the year, supported by strong new business. Operating margin expansion is expected to drive net income growth of 170-198% and adjusted EBITDA growth of 47-59%, as we help car enthusiasts protect, buy, sell and enjoy their vehicles,” he added.

It was highlighted that despite the uncertain macroeconomic environment and challenging industry dynamics amid rising inflationary pressures, 2024 is on track to be another year of strong revenue growth and margin expansion for Hagerty.

“We continue to focus on growing our insurance, membership and marketplace businesses, positioning us to deliver sustainable, compounded earnings growth over the coming years and fund our goal of providing leadership and nurturing a car culture for future generations,” the company said.

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