Co-op's GI arm posts improved profit as GWP tumbles by £40m
The Co-operative Group’s general insurance arm made an operating profit before tax of £28.8m in the first half of 2013.
This was up slightly from the £26.5m posted for the same period of 2012.
Gross written premium was down, at £243m, from £284.5m, however combined operating ration improved, going from 98.4% in H1 2012 to 96.2% this year.
As part of the interim results, the asset management, life insurance and general insurance arms of the group were listed together as ‘discontinued operations’, which made a total loss of £24m in the first six months of the year.
The Co-op’s life insurance and asset management
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