Insurer makes £20m profit and posts 98.4% combined ratio
Co-operative Insurance has swung to a £20m profit after tax in the first half of 2012 from a £2.4m loss in the same period last year.
Operating profit jumped 346% to £30.3m (H1 2011: £6.8m), and the combined ratio improved by 14 percentage points to a profitable 98.4% (H1 2011: 112.5%).
The Co-op attributed the turnaround to a rebalancing of its underwriting approach across its home and motor portfolios and a strong brand position.
Claims dropped 12.8% to £222.9m (£255.5m) and the insurer also cut expenses. The expense ratio dropped 0.6 points to 20.5% (H1 2011: 21.1%).
The improvement came despite a 20.6% drop in gross written premium to £284.5m (H1 2011: £358.4m).
Co-op Insurance H1 2012 results in £m (compared with H1 2011)
- Gross written premium: 284.5 (358.4)
- Net earned premium: 297.5 (289)
- Claims: 222.9 (255.5)
- Operating profit: 30.3 (6.8)
- Profit after tax: + 20.0 (-2.4)
Ratios (%)
- Combined ratio: 98.4 (112.5)
- Expense ratio: 20.5 (21.1)
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.
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