Zurich COR shrinks to 93.5%
Combined ratio for UKGI business drops 3.5 points as operating profit grows 30% to £47m.
Zurich reported a combined ratio of 93.5% for the first quarter of 2015 - a drop of 3.5 points compared to Q1 in 2014.
It also showed that gross written premium (GWP) shrank 2.1% from £313m this time last year to £307m.
Overall, despite the shrinking GWP, the insurer grew its operating profit to £47m (2014: £36m), an increase of £11m.
The company said low weather and catastrophe costs, paired with reserves from last year were the main contributors to its profit figure.
Strong
New UKGI CEO Vibhu
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