Co-op Group set to sell GI business amid falling profits
The Co-operative Group has confirmed it intends to sell its GI business - the Co-operative Insurance.
The group insisted the move was part of its strategy to focus on "relationship banking activities whilst also strengthening its capital position".
It came as the Co-op Insurance reported that its combined operating ratio (COR) had jumped to 110.9% in 2012 from 104.4% in 2011, while pre-tax profits also tumbled.
The Co-op Banking Group's chief executive, Barry Tootell, insisted that the insurance arm "remains a strong, profitable business" which has undergone a "major transformation".
He
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