Aviva manages to bring COR down to 97%
Aviva UK has had a good start to the year amid the uncertainty at senior management levels producing a combined operating ratio (COR) of 97% (Q1 2011: 100%) on a reduced level of premium.
The insurer, which recently lost its chief executive Andrew Moss following a shareholder revolt over pay, wrote £974m in the first quarter of 2012 down from £1.013bn in the same period 2011.
The results exclude RAC’s performance. In personal lines there was a 6% growth in rate in personal motor and 3% in homeowner, but commercial motor rates remained stubbornly low.
John McFarlane, executive deputy chairman, said: “Although the economic environment remains uncertain, we have delivered a solid
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