Fortis reports net loss in Q1
Fortis UK has announced that it lost £1.8m in the first quarter of this year and a non-life combined ratio of 110.2%.
The insurer listed severe weather events in January, the industry-wide issue of rising claims in private motor market, one-off set-up costs related to the new Tesco Bank partnership and lower realised capital gains as reasons for the loss.
In the same period last year it made £4m profit and had a combined ratio of 108.9%.
The company stated that non-life and life gross written premium increased by 18.4% to £234.9m. In addition it reported strong growth in commercial lines business with sales up
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