Moneysupermarket shares down 6% amid insurance difficulties

Moneysupermarket’s insurance revenue fell 8% to £45.7m in the last three months amid declining revenues in home, life and travel.

Travel appeared the worst hit, with the aggregator saying revenue was ’negligible’ in the three months to September 30. 

In a third quarter update, the price comparison site said: ”In Insurance, motor has benefited from strong but slowing market growth. We are not seeing similar growth in other core insurance channels.”

Overall growth at the group - which offers money and home services - fell 16% in the last three months.

For the nine months so far this year, Moneysupermarket’s revenues are down 11% to ₤268.4m. 

The share price was down 6% this morning. 

Chief executive Peter Duffy said: ”I’m delighted to have joined Moneysupermarket group, a business that is helping households save money in such challenging times.

”Our markets continue to be impacted by COVID-19, which is affecting our current performance.

”However, the group benefits from strong brands and high levels of cash conversion, so we are well positioned to weather this period of economic uncertainty and deliver future growth.”