NIG owner’s commercial COR drops to 105.3%
Direct Line Group, owner of NIG and Direct Line for Business, has reported a combined operating ratio of 105.3% for the first half of 2013, an improvement on the 112.7% in the same period last year.
The insurer said the improvement was mainly due to reduced fire losses and reduced weather-related claims.
It admitted that the division continued "to experience significant reserve releases, albeit lower than in the previous year" and was "maintaining conservatism in its current year reserving".
Operating profit for the division came in at £7m on the back of an £11.4m underwriting loss, a better performance than the £1.4m operating loss and £25.2m underwriting loss reported at the start of last
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