Profits fall at Covéa in 2018
Provider says results were impacted by soft market conditions in personal lines, along with adverse weather, claims inflation and uncertainty around Brexit.
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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Covéa cuts losses but underwriting deficit grows
- In Depth: Managing cyber risk in an ever-changing security landscape
- JMG strikes its biggest deal of 2024 with BQI swoop