Co-op general insurance sees profit rise as GWP falls
Group losses total £2.5bn in 2013.
The Co-operative Group has reported a pre-tax operating profit for general insurance business of £33.6m for 2013, significantly ahead of the £3m achieved in 2012.
The division saw gross written premiums fall to £443.6m (2012: £555.7m) and its investment return decrease to £40.9m in the year from £74.8m in the previous 12 months.
However, the combined operating ratio improved markedly from the 110.5% reported in 2012 to come in at 99.7% for 2013. The claims ratio improved from 86.6% in 2012 to 69
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