Covéa Insurance has revealed a fall in underwriting profit to £1.8m for 2018 (2017: £12.4m).
The provider’s profit after tax also declined to £1.5m, compared to £24.1m in the preceding year, and its combined operating ratio (COR) deteriorated to 99.7% (2017: 97.5%).
According to Covéa the results were driven by flat personal lines premiums due to “extremely competitive” market conditions and strong inflationary claims trends, particularly in motor.
In addition, profitability in home was
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