Friday, April 5, 2013

The co-op sales confirms rumors as results worsen

The co-operative Group has confirmed that it wants to sell the General insurance arm, such as the Division posted worsening results for the year 2012.

The co-operative insurance managing director Mark Summerfield said that selling the group to focus on its banking ambitions.

"As part of that, we need to rationalize our activities," he said. "It is not without regret, because this is a huge success, we have but to succeed in our bank group general insurance group strategy, we need to focus."

Summerfield scotched rumors that private equity firm that was bidding for the cooperative insurance. He said: "there is not a preferred buyer at the time. We have a significant number of expressions of interest directly but tungsten was not one of them. "

He added that the co-operative insurance an attractive purchase was partly because its trusted brand was, her home insurance book performs well and the telematics-arm was strong.

But in the 2012 results, posted today, the company's combined operating ratio rose to 110.9% of 104.4% in 2011, while the profit before tax to £ 3 m from 32 sank. 3 m.

The co-operative insurance head of home insurance that Lee Mooney said that these shifts were both due to the strengthening of the previous years motor claims reserves.

"The reserve strengthening for prior year's motor claims reserves is around £ 50 m. So the underlying profit before tax without that would have been £ 53 m, that's a pretty healthy result is," he said.

The total gross written premium the insurance arm fell to £ 555.7 m in 2012, from £ 668.8 m in 2011, mainly as the company took measures to improve the quality of motor broker company written, including the introduction of credit scoring and the underwriting footprint limit.

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Title Post: The co-op sales confirms rumors as results worsen
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Author: Mohammad Zulfi Satriawan

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