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Cornish Mutual sees profits dip due to investment performance

Stock market
    • Caitlin Morrison

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Truro-based provider increased GWP and turnover.

Cornish Mutual has reported a pre-tax profit of £1.46m for 2013, compared with £2.32m in 2012.

The regional provider attributed this decline to investment performance.

Gross written premium increased by 5.7%, from £19.2m to £20.3m, while turnover moved to over £20m for the first time in the company’s history.

Ian Pawley, chairman at Cornish Mutual, said: “The figures going before our AGM show that our strategy to develop the company continues to prove effective as the economy improves.

“We can

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