Cox profits in first 'retail' year

Cox Insurance chief executive Neil Utley revealed his company'spreliminary results for 2002 and said Cox's broker operations would be keyto the group's ability to ride out the insurance cycle.

Pre-tax profits rose to £42.7m, compared with the 2001 figure of a £240.6mloss, and underlying profits from the group's continuing business were up37% to £50.1m. In line with the company's prospectus, there will be nodividend for 2002. However, Mr Utley said the firm hoped to be in asituation at the