Overview
Key Business Information - Core Group
UK
Key areas of business
The UK Commercial business primarily writes property, motor, liability and marine insurance. Property is the largest insurance line, accounting for around 40% of Commercial net written premiums. The business has a strong reputation, insures 40% of FTSE100 companies and is one of the leading carriers of Professional & Financial and Marine risks outside of Lloyd’s of London. UK Personal primarily provides household, motor and travel insurance through our intermediated channels and MORE TH>N®, our direct business. Our UK Personal business has 3.5 million covers in place and is ranked third largest in the UK.
Key strategies
We are committed to continuous operational improvement and through our change programmes are focused on; risk selection, underwriting and claims discipline and expense management. We are further enhancing our motor and household pricing sophistication and targeting expense reductions in MORE TH>N®. We are focused on building our distribution capabilities. In Personal this year, we have signed 12 new broker and brand panels and 10 affinity deals. In Commercial we launched a web based proposition, MORE TH>N® Business, aimed at the attractive small and medium enterprise market.
Highlights 2005
We delivered a COR of 93.1% which was 3.2 points better than last year and a 62% increase in the underwriting result. Commercial delivered a COR of 91.9% an improvement of 4.1 points on 2004. In Personal the business achieved a 1.7 point improvement in its COR of 95.6%.
We are seeing the benefits of our claims transformation programme in the results. We have developed a market leading claims supply chain which has been recognised through contracts with Lloyds TSB and Co-operative Insurance Society to use our supply chain infrastructure.
Note
In addition to the Core Group we
have a discontinued operation
in the US. For details on this
operation refer to the US Operating Review.
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