Co-op makes GI loss as IBM costs bite
Provider reveals fall in GWP for the first six months of 2015.
The Co-operative's general insurance division has reported a 4.5% fall in gross written premiums for the first half of 2015.
The fall to £180.3m from £188.8m at the start of 2014 came as it declared an operating loss of £17m.
However the insurer highlighted that it had incurred £17.3m of "transformation costs" after it entered into a 10-year deal with IBM to replace legacy IT systems.
Underlying
The underlying operating profit came in at £500,000, reversing a loss of £6.8 in the same period of
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