Co-op reports rise in general insurance GWP
Co-operative Financial Services (CFS) has reported a 7.6% increase in general insurance gross written premiums to £424.3m in 2009, compared to £29.9m the previous year.
In a snapshot of its results, which will be followed by an in-depth report in about 10 days time, CFS said there has been an increase in new business from third party channels and that improved claims processes led to a further reduction in the underlying claims ratio to 68% in 2009 (2008: 69.5%).
Overall, the total CFS operating result before tax and significant items for 2009 is £177m, compared with £147m in 2008.
Profit before tax is £212.8m, which was £148.7m higher than in 2008 and includes
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