Commission missing word from NU cost cuts
At an Aviva investor and analyst conference in New York last month, Igal Mayer, chief executive of N...
At an Aviva investor and analyst conference in New York last month, Igal Mayer, chief executive of Norwich Union's UK general insurance operation, delivered a slideshow entitled 'Delivering across the cycle'. One of the first slides included a footnote under 'Consistently delivering performance - 98% or better COR since 2004' which read (1) Excludes impact of 2007 summer floods.
The problem is that the target is to meet or beat a combined ratio of 98% and a £400m exceptional UK weather loss could
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