CIS profits fall £58.7m in 2008
Co-operative Insurance Services' (CIS) profits have dropped to £8.4m for 2008, down £58.7m from the previous year. CIS has attributed a significant portion of this decline to investment losses of £26m.
Overall, Co-operative Financial Services' profit before tax was £147m, down from £155.4m in 2007.
CIS's earnings report also said that "2007 benefited relative to 2008 from the net impact of reserve releases partially offset by weather related claims costs" and that the underlying claims ration for 2007 and 2008 were similar, except for one-off claims.
The company said: "Sales volumes increased significantly in 2008 whilst retention rates also improved, reflecting the strength of the brand and the
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