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Norwich Union GI profits hit £1bn

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Norwich Union has reported a 10% increase to £1.075bn in operating profit for 2006 for general insur...

Norwich Union has reported a 10% increase to £1.075bn in operating profit for 2006 for general insurance in the UK, largely as a result of an improved claims ratio.

The profits increased from £970m in 2005. Net written premium in general insurance declined from £5.8bn to £5.6bn and underwriting result climbed from £507m to £639m. NU is set to axe 250 broker facing jobs from 40 offices by the end of the year.

The combined operating ratio in the UK improved from 96% in 2005 to 95%, ahead of the

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