Storms hit profits.
Last year's floods and storms have caused a sharp drop in CGU profits. Pre-tax profits of £768m b...
Last year's floods and storms have caused a sharp drop in CGUprofits.
Pre-tax profits of £768m before exceptionals were reported, down from
£1.24bn in 1997. A £363m increase in claims from adverse weather was
reported, while price competition produced a £390m underwriting loss. The
general insurance division made a profit of £504m in 1998, compared with
£1bn in 1997.
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