The Co-operative Insurance Society (CIS) has reported an increase in profit to £66.5m (2004: £42.5m) for the year ending 14 January 2006.
The company, part of the Co-operative Financial Services (CFS), said improved profitability has been achieved despite reduced premium income with gross and net written premiums respectively 12% and 8.8% lower than in 2004.
CIS said net earned premiums fell to £592m, compared with £649m for 2004, mainly because of the decision to price motor business at a more appropriate level across the entire portfolio.
CIS said its claims ratio improved significantly to 76% from 86% in 2004, helped by a decrease in the number of weather-related and subsistence claims on the property portfolio and the establishment of beneficial claims handling processes.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
