RBS Insurance profits crash
Government and taxpayer backed insurer's operating profits have dropped to £58m
Once rumoured to have bidders offering well over £5bn, RBS Insurance, with Direct Line, NIG and Churchill as its brands has seen profits tumble from over £500m in 2008 to £58m in 2010 following a rise in bodily injury claims.
The combined operating ratio was 105.9% compared with 93.6% in 2008. Paul Geddes, chief executive, of RBS Insurance, said: "In addition to lower investment returns, net claims are up 20% compared to 2008. This has been driven by the combination of extreme weather conditions
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