Covéa reports rising GWP but falling profit for 2017
Insurer's COR for the year came in at 97.5%.
Covéa Insurance has posted an 11% rise in gross written premium to £738.5m for the year ended 31 December 2017 (2016: £666.3m).
However, profit for the year dropped to £24.1m in 2017, compared to the £38.4m achieved in the prior 12 months.
In addition, its combined operating ratio (COR) deteriorated slightly to 97.5% from 96.2% in 2016. Its adjusted COR following the Ogden rate change was 101.2% in 2016.
GWP
The provider noted its growth in GWP was due to an increase in average motor premiums
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