Co-op posts insurance operating loss for 2017
Combined operating ratio came in at 101.2%.
Co-op Insurance has posted an operating loss of £12m for 2017, an improvement on the £18m loss the year before.
The provider flagged that without the one-off costs of “transformational spend” it achieved an operating profit of £2.1m. Underlying operating profit was identical to 2016 at £11m.
The insurer, which is chaired by former Axa boss Peter Hubbard, works with a number of key partners in home and motor and also teamed up with Miles Smith in 2016 but is predominantly a direct player.
Gros
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