Zurich results dip caused by pensions 'blip'
Zurich’s UK general insurance business enjoyed a good half year performance, distorted by a one-off pension “blip”, according to Karl Bedlow, managing director of personal lines.
The insurer reported a drop in profit and gross written premium (GWP) and a deterioration in its COR for the first six months of 2012.
Mr Bedlow said a major factor affecting the results was to do with pensions: “We have had to make a higher pension contribution this year, a one-off adjustment to do with a change in accounting policy.
“Overall it’s a solid underlying performance.”
The 5% decline in GWP, to £846m, was also attributed largely to “an anticipated dip in personal lines contribution
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