Co-op says GWP up 7.6%

Co-operative Financial Services (CFS) initial results this morning show its general insurance gross written premiums were up 7.6% to £424.3m with the £29.9m of new business coming from intermediaries and aggregators.

It said its claims ratio had fallen to 68% from 69.9%. Full GI results will be released in about 10 days time but a spokesman told IT this morning to expect profits to be up on the previous year.

CFS Financial Highlights £m (2008 in brackets)

• Revenue 2,057.3 (1945.9)
• Interest and similar income 952.0 (830.2)
• Fees and Commission 217.6 (216.5)
• Gross earned premiums 887.7 (899.2)
• Of which long-term business 490.8 (497.9)
• Ceeded to reinsurers 37.7 (37.6)
• Net Revenue 2,019.6 (1,908.3)
• Operating profit before significant items 277.5 (148.7)
• Operating profit after significant items 223.7 (70.7)
• Pre-tax profit 66,804 (38,424)