Zurich reports near 50% fall for UK GI profit
COR deteriorates as GWP shrinks.
Zurich has revealed that its UK general insurance operation delivered a 48% fall in operating profit for the third quarter of 2015.
The total shrank from £178.8m at the same point last year to £92.6m.
Zurich's combined operating ratio deteriorated by 7.7 percentage points to 97.7% (Q3 2014: 90%), which was attributed to the impact of large losses during the period.
Gross written premium came in 3% lower than 12 months ago at £1.24bn - a £39m drop from the Q3 2014 figure.
Meanwhile, Zurich's
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