Co-op insurance makes £7m loss
Company says insurance division's fall in profits due to difficult market conditions and planned exits.
The Co-operative Group saw a drop in revenue and profit in its insurance division in its yearly results for 2014.
Revenue fell to £371m, down from £476m, and profits also dropped from £36m in 2013 to a loss of £7m. COR also increased to 106.9% a jump from 100.5% in 2013.
The company said that the business had experienced difficult trading conditions with premiums dipping across home and motor. It also pointed to a "conscious decision to exit low profit areas".
The group said it is now pursuing a
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Wakam receives PRA approval for new £500m GWP UK insurer
- Aviva’s David Martin on the art of the possible
- Brokers push for more from RSA/NIG