Hiscox COR and profit deteriorates
Profit before tax slashed to £30.4m from £354.5m and group COR swings to 99.9% compared to 84.2% in 2016.
Hiscox has experienced a fall in profit and a deteriorating COR for the full year 2017.
Its results showed that group COR changed dramatically from 84.2% in 2016 to 99.9%. COR excluding FX was 98.8% compared to 90.6% the previous year.
Profit before tax also plummeted to £30.8m (2016: £354.5m).
This is despite GWP and net premiums earned increasing. GWP went up to £2.6bn (2016: £2.4bn) and net premiums earned grew to £1.9bn (£1.7bn).
The insurer made reserve releases of £251.5m (2016: £213
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