Covea sees profits treble following Sterling integration

James Reader cropped

The insurer saw a “significant increase” in premium, from £472m to £666.3m, in its full year results as a result of the integration of Sterling Insurance. The company’s combined ratio improved marginally from 96.9% to 96.2%. The group results come despite claims reserving of £6.2m from the changes of the Ogden discount rate and personal lines claims inflation. “We’ve faced a number of headwinds, particularly in respect of the Ogden rate change and higher than expected levels of inflation o