Zurich UK posts half year GI loss as Ogden hits

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Zurich UK has reported a business operating loss of £121m for the first half of 2017 as it took a hit from the Ogden rate change.

Excluding the impact of the new discount rate, it would have posted a business operating profit of £61.1m

The combined operating ratio (COR) deteriorated to 118.8%, which would have stood at 99.2% if the discount rate had not changed.

Simplification
The insurer posted gross written premium of £1.21bn which it said was in line with the £1.23bn reported for the same