The result was an improvement on its loss figure for 2016
DAS has reported making a loss for 2017 of £5.2m.
The loss was a improvement on its results for 2016, when it made a loss of £13.8m, but GWP reduced from £130.0m to £111.5m.
The legal expenses insurer explained that the fall in GWP was driven by “portfolio remediation,” which has seen the business exit unprofitable relationships and business lines since 2016.
It’s combined operating ratio saw an improvement from 103.0% in 2016 to 101.2% for 2017.
And off the back of refreshed propositions in commercial and family legal expenses and new business lines in cyber, winning new partnerships with Marsh, Oak Underwriting, GEO Underwriting and Legal & General, DAS chief executive Andrew Burke was positive.
Burke said: “2017 was a positive step towards our goal of sustainable profitability and was ahead of where we had planned to be.
“We have a solid capital position and continue to take action to improve customer propositions, operational efficiency and reduce costs.
“The pipeline of new business is very healthy, and we are firmly on track to deliver our target COR of 95% or better in the medium term.”
No comments yet