The Co-operative Insurance Society (CIS) has reported an increase in profit to £66.5m (2004: £42.5m) for the year ending 14 January 2006.
The company, part of the Co-operative Financial Services (CFS), said improved profitability has been achieved despite reduced premium income with gross and net written premiums respectively 12% and 8.8% lower than in 2004.
CIS said net earned premiums fell to £592m, compared with £649m for 2004, mainly because of the decision to price motor business at a more appropriate level across the entire portfolio.
CIS said its claims ratio improved significantly to 76% from 86% in 2004, helped by a decrease in the number of weather-related and subsistence claims on the property portfolio and the establishment of beneficial claims handling processes.
