G R O U P

2016 Interim Results 5 August 2016

G R O U P

Welcome and overview Stuart Vann, Chief Executive Officer Financial results Darren Ogden, Chief Finance Officer Chief Executive review and outlook Stuart Vann, Chief Executive Officer Questions and answers

Agenda

G R O U P Growth in insurance and Gocompare.com

Insurance Gocompare.com

• Quote Footprint

• Rating

• Customer contribution

• Marketing

• Investment

• Products

Gross written premiums

+16%

£320.4m

Gocompare.com Revenue

+22%

£72.9m

In-force policies

+4%

2.076m

Slide 2

G R O U P

Financial results Darren Ogden, Chief Finance Officer

G R O U P Group financials

1H 2016

1H 2015 Mvt FY

2015

Gross written premiums (£m) 320.4 275.5 16.3% 550.3

Trading profit (£m) 50.3 51.8 (2.9)% 92.3

Underlying profit before tax (£m) 45.6 46.5 (1.9)% 82.9

Underlying profit after tax (£m) 37.0 37.7 (1.9)% 68.2

Combined operating ratio (%) 99.2 95.8 (3.4)ppts 97.8

Loss ratio (%) 74.9 72.4 (2.5)ppts 74.0

Expense ratio (%) 24.3 23.4 (0.9)ppts 23.8

Investment return (net) (%) 0.8(1) 0.4(1) 0.4ppts 0.4

In-force policies (“IFPs”) (millions) 2.076 1.995 3.7%(2) 2.001

Underlying earnings per share (pence) 8.9 9.0 (1.1)% 16.4

Dividend per share (pence) 3.0 4.2 (28.6)% 11.5

• Gross written premiums up 16% to £320.4m through positive rating action and in-force policy growth of 4% (annualised 8%)

• Combined operating ratio of 99.2%, impacted by 1H 2016 weather events (97.9% adjusting for weather events)

• Expense ratio impacted by Flood Re levy

• Underlying profit after tax broadly flat at £37.0m, despite exceptional weather costs of £3.3m in 1H 2016 and a benign period in 1H 2015

• Investment return of 0.8ppts (annualised 1.6ppts) performed well in volatile markets

• Dividend per share of 3.0 pence reflects decision to retain capital to fund growth

(1) Non-annualised

(2) Movement calculated against FY 2015

Key Points

Slide 4

G R O U P Motor

1H 2016

1H 2015 Mvt FY

2015

Gross written premiums (£m) 275.7 233.3 18.2% 461.0

Trading profit (£m) 4.5 3.3 36.4% 6.7

Loss ratio (%) 76.4 76.6 0.2ppts 76.3

Expense ratio (%) 21.5 21.8 0.3ppts 22.1

Combined operating ratio (%) 97.9 98.4 0.5ppts 98.4

In-force policies (millions) 1.495 1.426 4.2%* 1.435

ASR per IFP (£) 63.9 66.2 (3.5)% 65.2

* Movement calculated against the 2015 full year position

• Gross written premiums up 18% to £275.7m through positive rating action and in-force policy growth

• Current accident year loss ratio improved 5.3% as positive rate inflation earns through ahead of claims inflation

• Favourable development of prior accident year reserves of £13.0m (1H 2015: £30.4m)

Key Points

Loss Ratio

76.4% 5.3% (5.4)%

76.3%

2015 Loss Ratio

Movement in prior year

development*

Movement in current accident year

loss ratio

1H 2016 Loss Ratio

* 1H 2016 favourable development as a percentage of 1H 2016 net earned premium compared to FY 2015 favourable development as a percentage of FY 2015 net earned premium Slide 5

G R O U P Home

1H 2016

1H 2015 Mvt FY

2015

Gross written premiums (£m) 44.7 42.2 5.9% 89.3

Trading profit (£m) (2.3) 7.1 (132.4)% 4.2

Loss ratio (%) 66.8 51.9 (14.9)ppts 62.2

Expense ratio (%) 38.7 30.8 (7.9)ppts 32.7

Combined operating ratio (%) 105.5 82.7 (22.8)ppts 94.9

In-force policies (millions) 0.581 0.569 2.7%* 0.566

ASR per IFP (£) 18.3 17.8 2.8% 18.1

* Movement calculated against the 2015 full year position

• Gross written premiums up 6% to £44.7m through policy growth and footprint expansion initiatives

• Claims from weather events £3.3m ahead of expectation in 1H 2016; 1H 2015 benefitted from benign weather

• Favourable development of £7.5m (1H 2015: £5.8m) driven by strong run-off of Q4 2015 storms

• Flood Re levy has impacted the expense ratio

Key Points

Loss Ratio

66.8% 5.4% (7.9)% (2.1)%

62.2%

2015 Loss Ratio

Movement in prior year

development*

Weather Movement in current accident year loss ratio

1H 2016 Loss Ratio

* 1H 2016 favourable development as a percentage of 1H 2016 net earned premium compared to FY 2015 favourable development as a percentage of FY 2015 net earned premium Slide 6

G R O U P Additional services revenues

ASR per IFP

1H 2016 (£m)

1H 2015 (£m)

Mvt FY

2015 (£m)

Non underwritten additional insurance products

4.8 4.5 6.7% 9.5

Policy administration fees and other income 9.6 10.4 (7.7)% 21.1

Claims income 3.0 4.3 (30.2)% 7.5

Instalment income 17.8 14.3 24.5% 30.2

Non-underwritten additional services 35.2 33.5 5.1% 68.3

Underwritten additional insurance products

16.3 17.5 (6.9)% 34.6

Total income from additional services 51.5 51.0 1.0% 102.9

Non-underwritten Trading Profit 28.1 26.9 4.5% 55.1

• Total income from additional services up 1% to £51.5m

• Instalment income higher due to increased new business volumes and higher average premiums in Motor

• Non-underwritten trading profit up 4.5% broadly in line with year-on-year policy growth

Key Points

£65.2 £63.9

£18.1 £18.3

FY 2015 1H 2016 Motor ASR per IFP Home ASR per IFP

Slide 7

G R O U P Gocompare.com

1H 2016

1H 2015 Mvt

Revenue (£m) 72.9 59.6 22.3%

Insurance 68.5 57.1 20.0%

Other 4.4 2.3 91.3%

Expenses (£m) 58.4 46.3 26.1%

Operating profit (£m) 14.5 13.3 9.0%

Other income 0.0 0.1 -

Profit before tax (£m) 14.5 13.4 8.2%

Operating margin (%) 19.9 22.5 (2.6)ppts

Contribution to Group trading profit (£m)

13.2 10.6 24.5%

* Note the financials above are shown on a 100% standalone basis. The Group acquired full ownership of Gocompare.com on 31 March 2015. In Q1 2015, the Group had a 50% ownership in Gocompare.com.

Key Points P&L

• Revenue growth of 22.3% to £72.9m

‘Insurance’ growth through improved marketing and brand awareness

‘Other’ benefitting from increased focus

• Expenses up 26.1% to £58.4m

Increased broadcast and online spend in non motor and home comparison driving growth

Continue to invest in medium term growth

• Operating profit up 9.0% to £14.5m

Slide 8

G R O U P Investment returns

1H 2016

1H 2015 Mvt FY

2015

Investment income (£m) 7.1 6.7 6.0% 14.1

Investment charges (£m)

(1.5) (1.6) 6.3% (3.3)

Net gains / (losses) on investments (£m)

0.5 (1.4) 135.7% (7.7)

Net investment return (£m)

6.1 3.7 64.9% 3.1

Investment return - net (%) 0.8(1) 0.4(1) 0.4ppts 0.4

Other income (£m) 0.7 0.2 350.0% 3.0

Total investment return (£m) 6.8 3.9 74.4% 6.1

Movements in AFS Reserve (£m) 3.9 1.2 325.0% 1.0

(1) Non-annualised

• Total investment return up 74.4% to £6.8m

• Net investment return of 0.8% (annualised 1.6%)

• Return delivered in volatile markets due to the Group’s conservative asset allocation focusing on higher rated credit quality bonds

• Other income includes returns from IMe Law Limited and rental income

• Investment return excludes available for sale (“AFS”) gain of £3.9m on long dated asset

Key points

Slide 9

G R O U P Investment allocation

Key points

• Recently acquired a long dated asset to better match longer duration liabilities (i.e. “PPOs”)

• Movements in long dated asset valuation to be accounted for under AFS

• Improved matching reduces capital volatility and sensitivity to movements in yield curve

• Continue to look at further opportunities to improve alignment of asset and liability durations

1H 2016 (£m)

2016 %

FY 2015 (£m)

2015 %

Cash & Liquidity 210 27% 220 29%

Fixed Income 525 67% 495 65%

Equities 43 6% 42 6%

Total 778 757

Asset Allocations

Fixed Income

1H 2016 (£m)

2016 %

FY 2015 (£m)

2015 %

Corporate Bonds 200 38% 212 43%

Government 164 31% 84 17%

Floating Rate Notes 108 21% 123 25%

Covered / RMBS 53 10% 76 15%

Total 525 495

• Strategic asset allocations remain over indexed on Cash & Liquidity awaiting investment

• Duration of 2.9 (FY 2015: 0.9) increased as a result of long dated asset

• No significant change in credit risk quality of the fixed income portfolio, with 81% held in assets rated ‘A’ or above

• Expect further reductions in Residential Mortgage Backed Securities (“RMBS”) by Q3 2016

Investment Holdings

Slide 10

G R O U P Capital & Dividend

1H 2016(1)

FY 2015(2)

Motor loss ratio +5ppts (6)ppts (6)ppts

Yield curve down 50bps (3)ppts (5)ppts

Equities down 25% (2)ppts (1)ppts

Credit spreads widen 50bps (1)ppts (1)ppts

1987 Hurricane (3)ppts (3)ppts

Note: (1) Sensitivities related to the Group position and are stated after earnings impact (net of tax and dividend at

2016 1H payout ratio) with events assumed to occur on 30/06/2016 (2) Sensitivities are stated after earnings impact (net of tax and dividend at 2015 payout ratio) with events

assumed to occur on 31/12/15

• Solvency II Group coverage of 126% (post dividend)

• Solvency II Solo coverage of 136%

• Appropriate and efficient capital base through qualifying debt

• Sensitivities demonstrate capital resilience

Key points Own Funds & Solvency Capital Requirement

Sensitivities to Group coverage ratio Dividend

• Payout ratio of 50%

• Interim dividend of 3.0 pence per share

• Ex-dividend date: 8 September 2016

• Record date: 9 September 2016

• Payment date: 21 October 2016

£293m £280m £305m

£222m £224m

Group Solo

Own Funds (pre Group dividend) Own Funds SCR

Slide 11

G R O U P

Chief Executive Officer Review Stuart Vann, Chief Executive Officer

G R O U P

Insurance review

G R O U P

81% 75%

Overview

2.001

million (1.995)

FY

2015 (HY 2015)

2.076 million

1H

2016

42k (60k)

16k (13k)

17k (8k)

Motor New Business

Footprint Expansion Home Motor

New Business Core & Renewals

77% Motor Home Home

Retention Quote Footprint*

55% Motor

* Estimated quote footprint

HY 2015 : 80% HY 2015 : 81% HY 2015 : c40% HY 2015 : c40%

Slide 14

G R O U P Motor – Rating

• Positive rating momentum seen in 2015 maintained into 1H 2016

• New business quoted prices are 17% higher in June 2016 compared to June 2015

• Average written premiums 13% higher in 1H 2016 compared to 1H 2015

• Will continue to look to implement targeted rate increases to mitigate claims inflation

esure

Market

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2013 2014 2015 2016

Confused.com/Wills Towers Watson ABI

• Market rating momentum maintained in the first half of 2016

• New business quoted prices increased 7% in Q2 2016; and are 19% higher year-on-year including the impact of the change in IPT (confused.com/Wills Towers Watson)

Average written premiums*

1H 2016

(£)

1H 2015

(£) Mvt

Total 321 284 13.0%

New Business 340 294 15.6%

Renewal 311 280 11.0%

* Average written premiums exclude insurance premium tax

* ABI data for Q2 2016 not available Slide 15

G R O U P Motor – Claims

• Claims inflation marginally ahead of 4-5% expectations

• Third Party Damage inflation ahead of expectations as a consequence of:

the Coles v Hetherton judgment pushing up repair costs; and

Increasing use of Credit Repair in the market

• Personal injury inflation broadly in line with expectations:

Frequency lower as demonstrated by the MoJ Claims Portal; and

Severity broadly flat

• Accidental damage inflation remains on parts and labour

Key points

Initiatives

• Focus on initiatives to mitigate impact of inflationary factors

• Working closely with the Government and ABI to deliver Autumn Statement proposals

Third party damage Accidental damage Personal injury

Claims costs1

Footnotes 1: Claims cost represent the 2015 Accident Year

Slide 16

G R O U P Home – Weather

• Series of weather events include storms Gertrude, Henry, Imogen, Jake and Katie, and flash flooding in June

• Weather event claims costs of £5.0m; £3.3m ahead of expectation in 1H 2016

• June flash flooding costs are isolated incidents i.e. not waterway related flooding events

Key points

Weather costs

June flash flooding

Source: Met Office Slide 17 * The FY 2016 Expectation reflects the Group’s normal weather allowance for the year and has not been adjusted to reflect actual weather costs to date

G R O U P Enhanced customer contribution modelling in Motor

Premium

Additional insurance products

Instalment income

Claim frequency

Multicar

Investment income

Cancellation

Claim severity Acquisition

costs

Operational expenses

Bad debt

Fraud

Renewal

Risk mix

Not at fault

Fault

Customer centric

Multi –Car

Cross-Sell

Risk Mix

Improving the customer

journey Expanding our customer footprint

Additional Services

Revenues

Customer Contribution

Data Analytics

Customer contribution

Slide 18

G R O U P

G R O U P

Gocompare Top spending peer

37%

Effective marketing increasing market share

Car insurance Home insurance

Awareness Broadcast spend

Source: Hall & Partners report as of Jun-16 on response to the question – ‘Which price comparison website could you think of?’

Source: Hall & Partners report as of Jun-16 “All TV spend”

37%

Gocompare.com Nearest peer

24% Market Share

Source: Management estimate of price comparison website sales in 1H 2016

18% Market Share

Source: Management estimate of price comparison website sales in 1H 2016

Slide 20

G R O U P Continuing to invest for the future

Other products

Ongoing developments

Interactions

2.8 million

+88%

Revenue

£4.4m

+91%

Marketing Team Products

• Matthew Crummack, CEO, joined in June

• Formerly CEO of lastminute.com

• Previously held senior management positions at Expedia, Nestle and Procter & Gamble

Note: Figures are stated against 1H 2015

Slide 21

G R O U P Gocompare.com summary & outlook

Summary • Delivering on strategic initiatives Outlook Double digit top line growth Continue to invest in the business to deliver medium to long

term growth

Expect operating profit to increase by 20-30% in 2016

On track to at least double the 2014 EBITDA to £50m by 2019

Strategic review • Ongoing; update in due course upon completion of the review

Slide 22

G R O U P

Summary & outlook

G R O U P Summary & outlook

• Delivered strong growth in Insurance and Gocompare.com in 1H 2016

• Strategic initiatives progressing well

• Well positioned to continue growing across the Group in 2H 2016

Gross written premiums

+13-18%

In-force policies

+6-9%

Gocompare.com operating profit

+20-30%

Group combined operating ratio

98-99% assuming normal weather for the remainder of the year

Summary

2016 Outlook

Slide 24

G R O U P

Thank you

Questions and Answers

G R O U P

Appendix

G R O U P

212 200

84 164 123

108 76

53

2015 1H 2016

Corporate bonds Government bonds FRN's Covered / RMBS

Investment portfolio

Credit rating on fixed income portfolio

Asset allocation

Fixed income

£495m £525m

Investment approach

65% 67%

30% 27%

5% 6%

2015 1H 2016

Fixed income Cash & liquidity funds Equities

• The Group deploys a conservative investment strategy with the primary objective of capital preservation and maintaining liquidity in line with its risk appetite

21%

35%

25%

19%

AAA AA A BBB or below Slide 27

G R O U P Case Study: Flash Flooding Event

• 23 June 2016 torrential downpour overwhelmed the drainage systems in the area

• 8 inches of water covering the entire ground floor of property

• Building & contents damage; and alternative accommodation

• June Flash flooding largely occurred away from rivers and waterways

• Often difficult to risk select as events are largely uncorrelated

• Flooding events are typically high value

Summary

Case Study

Example location

Cost

Buildings £100k

Contents £20k

Alternative accommodation £20k

Other fees £10k

Total £150k

Example cost schedule

Slide 28

G R O U P Solvency II: Group IFRS net assets to Own Funds

280

165

35 13 29

6

111

347

IFRS equity Derecognition of intangibles

Derecognition of DAC

Adjustment to technical provisions

Other adjustments Forseeable dividends

Tier II qualifying debt

Own Funds

Slide 29

G R O U P References

Slide 16 1. Confused.com/Wills Towers Watson Pricing Index published July 2016 2. ABI – Q1 2016 Average Private Comprehensive Home Insurance Premium published 25 April 2016

Slide 18 1. Met Office Anomaly Maps - http://www.metoffice.gov.uk/climate/uk/summaries/anomacts - Rainfall/2016/June/1981-2010 anomaly

Slide 30

G R O U P

The information contained in this presentation has not been independently verified and this presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “growing”, “scope”, “platform”, “future”, “expected”, “estimated”, “accelerating”, “expanding”, “continuing”, “potential” and “sustainable” and similar expressions or variations on such expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond esure Group plc’s (the “Group’s”) control and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. All statements (including forward-looking statements) contained herein are made and reflect knowledge and information available as of the date of preparation of this presentation and the Group disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. Nothing in this document should be construed as a profit forecast.

Disclaimer

Slide 31