Covéa cuts losses but underwriting deficit grows
Covéa Insurance has posted an £87.3m loss after tax for last year with underwriting losses across commercial, personal and speciality lines.
The total, while still in the red, was a 40% cut on the £145.5m deficit in 2022.
Investment returns were up, swinging from a loss of £29.6m to a profit of £37.1m.
However, the underwriting performance in 2023 worsened, by just over £8m to a £142.4m shortfall.
ReservesThe provider flagged being hit by strengthening prior year reserves. The current year combined operating ratio for 2023 was 113.4%, net of reinsurance.
According to Covéa, stripping out the effects of prior years, the result was in line
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