CIS pre-tax profit more than doubles
Co-operative Financial Services’ general insurance arm reported a operating profit of £66.5m in 2005, up £24m on the previous year. Co-operative insurance services pre-tax profit was £37.1m in 2005 compared with £17.4m in 2004. The claims ratio reduced to 76% from 86% in 2004.
The underlying performance, excluding one-off items, of the General Insurance business in 2005 was significantly better than in the preceding year. Improved profitability has been achieved despiteOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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