Hastings to take £20m hit over new PI discount rate

Hastings Group’s results for the year ended 31 December will include a one-off pre-tax charge of £20m following the Lord Chancellor’s decision to change the discount rate for personal injury damages awards – the so-called Ogden rate – from 2.5% to -0.75%.

The group said the charge would not have any impact on the board’s deliberations regarding the proposed 2016 final dividend recommendation.

The company said it did not expect the Ogden rate change to have a material impact on the group’s financial outlook for 2017.

At 9:30am: (LON:HSTG) Hastings Group Holdings Plc share price was -0.85p at 230.65p

Story provided by StockMarketWire.com

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