Ageas reveals commercial COR of 110.9%
Ageas Insurance has confirmed it recorded a combined operating ratio (COR) of 110.9% in commercial lines business for the year ended 31 December 2011.
The insurer highlighted that its commercial COR had been impacted by a couple of large one-off losses in 2011.
In its latest results the provider declared a pre-tax profit of £105m with total gross written premiums excluding Tesco Underwriting business up 15.2% to £1.07bn (2010: £925.1m).
Barry Smith, chief executive of Ageas UK, commented at the time of the results that the insurer was still investing for growth in commercial lines. He added that compared to 2010 its COR had improved in the
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