MMA delivers much improved profitability ahead of Provident merger
MMA Insurance has delivered a strong set of results for 2011, its final set of results prior to its merger with Provident and rebrand to Covéa.
Pre-tax operating profit rose to £12.1m from £0.3m and the combined operating ratio (COR) improved markedly to 99.6% from 105.9% in 2010. This was an increase in GWP of only £10m to £230m.
Much of the progress was attributed to the private car book of business which delivered a COR of 96.7% and contributed around 50% of the profit.
The insurer claimed that commercial lines had made good progress, particularly bespoke SME business written in the regional network, where growth of 40% was achieved
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