Zurich UK GI business reports drop in profit, GWP and COR
Zurich UK has reported a £52m operating profit for its general insurance (GI) arm in the first half of 2012.
This represents a 26% drop compared to the same period of 2011, which the insurer attributed in part to weather losses and lower investment income.
The provider's combined operating ratio (COR) slipped to 99.5% for H1 2012, compared with 98.4% for the first six months of last year.
The insurer said its COR had been affected by flood losses and elevated pension charges.
Gross written premium (GWP) also fell by 5% to £846m in the first half of the year.
Zurich stated that this was “largely as a
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