Zurich's UK profits and GWP dip as COR passes 100%
Zurich’s UK general insurance (GI) business has reported a 46% reduction in business operating profit (BOP) for 2012, down to £85.3m.
This is compared to the £163.3m BOP reported for 2011.
The provider stated that the profit was impacted by a “significant increase in large commercial losses and pension charges”.
Gross written premiums [GWP] also fell by 2% to £1.7bn. The insurer attributed this to the “continued challenging market conditions in personal lines”.
And the business’s combined operating ratio (COR) went up by 3% to reach 100.3%.
Steve Lewis, CEO for Zurich’s UK GI business, said the insurer’s top-line results were
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