Norwich Union (NU) is seeking to cut its expense ratio to below 11% as it readies the business for market conditions in 2009.
Igal Mayer, chief executive of Norwich Union General Insurance, revealed that the business had acted after discovering that it was running an uncompetitive expense ratio of 14%, and had been benchmarked unfavourably against best-of-breed insurers across the sector.
He said: "We asked ourselves if we constructed NU with these benchmarks, what would our expense ratio be? And
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