RBSI reports jump in profit and improved COR
RBS Insurance has reported a combined operating ratio (COR) of 100% for the year ended December 2011, an improvement on its COR of 121% in 2010.
The insurer also reported a jump in underwriting profit, from £307m in 2010 to £1.04bn for 2011.
Operating profit stood at £454m for 2011, compared to a loss of £295m the previous year.
Gross written premiums fell from £4.3bn to £4.1bn. The provider highlighted that while this was a 5% fall, it had also seen a 10% increase in commercial GWP, which included NIG and its direct SME offering Direct Line for Business.
The number of own brand motor policies in force from the insurer, excluding broker
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