Covea GWP hits £666.3m
Insurer says it overcame Ogden headwind and expects growth to continue with Sterling deal reflected in increased GWP.
Covéa Insurance made a profit before tax of £38.4m in 2016, up 198% on the £12.9m it reported in 2015.
Gross written premium increased by 41% to £666.3m (2015: £473m).
Additionally, the combined operating ratio (COR) improved by 0.7 percentage points to 96.2% from 96.9%.
The results reflected its first full year of trading since its purchase of high net worth insurer Sterling Insurance.
The insurer said the growth in profit was because of the claims equalisation provision on the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- Covéa cuts losses but underwriting deficit grows
- JMG strikes its biggest deal of 2024 with BQI swoop