Co-op Group set to sell GI business amid falling profits


The group insisted the move was part of its strategy to focus on "relationship banking activities whilst also strengthening its capital position".

It came as the Co-op Insurance reported that its combined operating ratio (COR) had jumped to 110.9% in 2012 from 104.4% in 2011, while pre-tax profits also tumbled.

The Co-op Banking Group's chief executive, Barry Tootell, insisted that the insurance arm "remains a strong, profitable business" which has undergone a "major transformation".


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