Zurich's UK arm sees profits dip but COR remains steady
Zurich UK has delivered an underwriting loss of $8m (£4.9m) and a combined operating ratio (COR) of 101.3%, only a slight deterioration on last year (101.2%: 2011).
The insurer’s UK business, which produced an operating profit of $32m in Q1 ($40m: 2011), also saw a reduction in GWP to $502m ($540m: 2011).
The Zurich group saw operating profit in the general insurance business leap from $576m in the first quarter of 2011 to $856m, and the COR improved nearly nine percentage points to 94.6%.
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