Zurich UK GI profit dips while GWP picks up
Provider's COR also worsened, due in part to weather-related losses.
Zurich's UK general insurance (GI) arm has reported a decline in business operating profit for the first quarter of 2014, at £22m.
This is compared with £35m posted for the first three months of last year.
The provider's combined operating ratio also deteriorated, by 2.5%, to 99.1%.
According to the provider, it saw lower large losses in Q1 but this was “more than offset by weather-related losses and some strengthening of prior year reserves”.
Meanwhile, gross written premium grew slightly to
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