Ogden hits Aviva UK COR as it rises to 106.3%
UK GI performance was described as “strong” with net written premium increasing by £341m.
The amended discount rate hit Aviva UK's GI full year results for 2016 leading the combined operating ratio (COR) to deteriorate to 106.3% compared to 95.0% in 2015.
Aviva noted in the results that without the impact of Ogden changes the COR would have improved to 94.9%.
Net written premium in the UK grew by £341m to £4.3bn.
Growth
Colm Holmes, CEO, UK General Insurance, said: "Aviva UK & Ireland general insurance delivered a strong performance in 2016 with higher growth across the business.
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