Covea GWP hits £666.3m
Insurer says it overcame Ogden headwind and expects growth to continue with Sterling deal reflected in increased GWP.
Covéa Insurance made a profit before tax of £38.4m in 2016, up 198% on the £12.9m it reported in 2015.
Gross written premium increased by 41% to £666.3m (2015: £473m).
Additionally, the combined operating ratio (COR) improved by 0.7 percentage points to 96.2% from 96.9%.
The results reflected its first full year of trading since its purchase of high net worth insurer Sterling Insurance.
The insurer said the growth in profit was because of the claims equalisation provision on the
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