NU's profits halve due to flood losses
Norwich Union's general insurance and health profits for the first six months of 2007 have halved in the wake of recent flood losses to £284m (2006: £560m)
Net written premium was also reduced from £3.13bn in 2006 to £2.95bn according to results published this morning.
Overall parent Aviva reported - general insurance and health profit down 34% to £560m across the group and reiterated exceptional UK weather losses of £235m. Net written GI and health premium worldwide was down 4% to £5.5bn.
Despite the losses Aviva’s combined operating ratio at 97%, was ahead of ‘meet or beat’ commitment of 98% but way below last year’s 92%. The UK COR was 102%. RAC
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