Reserve release of £245m
Norwich Union saw general insurance operating profits more than halve on the back of weather-related claims in the first six month of 2007.
The insurer reported operating profits of £269m, compared to £561m in the first half of 2006. The combined ration deteriorated to 102% from 92% in 2006.
Net written premiums fell to £2.7bn in the half year from £2.9bn from in the previous year.
NU said it suffered £235m in losses from adverse weather, with £175m from the June floods and £60m from the January storms.
It said the impact of the losses was mitigated by a £245m release of prior year reserves.
