Insurer posts UK GI COR of 94.1% in nine month update

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Aviva has again improved its combined ratio while shrinking its book in the UK in the third quarter.

Net written premium from its UK general insurance business shrunk by 4% to £906m in the three months to 30 September (2013: £941m), results released today showed.

Aviva’s UK GI book is now 6% smaller than it was this time last year at £2.7bn (Q3 year to date 2013: £2.9bn).

Aviva’s UK combined ratio (COR) for the nine months to 30 September was 94.1%, a result the insurer described as “significantly better” than last year’s result of 95.5%.

“Disciplined underwriting, good expense management and modest reserve development drove this improvement,” it said.

The strong UK result helped the group towards a 1 percentage point improvement in its COR to 95.9% (Q3 2013: 96.9%).

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