Tesco Underwriting COR fails to drop below 100%
Tesco Underwriting’s combined operating ratio has remained above 100% despite seeing net profit rise in line with where it should be, according to Ageas chief executive Andy Watson.
Tesco Underwriting, of which 50.1% is owned Ageas in a partnership with Tesco Bank, generated gross written premium of £589.7m (2011: £655.3m). The motor and household brand reported a net profit of
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