Co-op insurance operating profits soar
The Co-operative Insurance's operating profit rose by 346% to £30.3m (H1 2011: £6.8m) while its net earned premium edged up 2.9% to £297.5m in the first half of 2012 (H1 2011: £289m).
The insurer's post-tax profits also soared upwards with a £20m profit replacing the £2.4m loss posted for the same period last year.
The Co-op's combined operating ratio also recorded a marked improvement to come in at 98.4% (H1 2011: 112.5%) although gross written premium dropped 20.6% to £284.5m (H1 2011: £358.4m).
In a statement, the provider commented: "The Co-operative Insurance has enjoyed a strong first half of the year characterised by an improved profit performance, a re-balancing in
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