RBS Insurance suffers 103% COR but profits soar
RBS Insurance’s results for the first six months of 2011 have revealed an operating profit of £206m, compared with the £253m half-year loss the insurer announced in 2010.
Its combined operating ratio (COR) failed to make it under the 100%, coming in at 103%. However this was a vast improvement on the H1 2010 COR of 124%.
The insurer experienced a 5.6% drop in earned premiums at £2.1bn (H1 2010: £2.2bn) and total income dropped from £2.2bn to £2bn. The provider put this down to its exit from the broker personal lines channel.
Underwriting profit increased to £495m (H1 2010: £432m) and RBS Insurance said this was due to an overhaul of its claims systems.
Paul
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