Fortis profits plunge with name change on the horizon
Fortis UK has reported a huge £47m drop in profit before tax to £29m as it announced it is to rebrand as 'ageas'
Fortis UK has reported a huge £47m drop in profit before tax to £29m as it announced it is to rebrand as 'ageas'.
The drop in profitability comes despite an increase in gross written premiums (GWP) to £805m (2008: £760m). The combined operating ratio slipped nearly 7% to 98.9% even after investment income had been factored in.
However, the company reported 35% growth in commercial lines to £102m in GWP and a 5% increase in broker income across the retail book to £100m.
Barry Smith, chief
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