Cox sees reduced underlying profit
Cox Insurance today announced a pre-tax operating profit of £6.6m for the 12 months to 31 December 2004. It added that after accounting for the expected, and previously advised, reduction of £6.8m in contribution from the Crowe run-off contract, it saw a slightly reduced underlying pre-tax profit £59.0m (2003: £59.2m).
Gross written premiums in Syndicate 218, managed and 58.1% owned by Cox, grew by 2.9% to £551.7m (2003: £536.2m) and it recorded an operating ratio at 87.3% (2003: 86.4%).Gross written premiums placed
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