12% rise in profits for Fortis

by David Masters

Story link: 12% rise in profits for Fortis

Fortis’s insurance business has announced its results for 2007, with profits up 12% at €1.6 billion in spite of the UK floods.

Non-life GWP for the group rose 9% to €5.5 billion with a combined operating ratio of 100%, compared to 96.1% the previous year. The groups life GWP also rose 9% to €13.2 billion.

The general insurance arm of the business recorded growth of 10%, boosted by the UK market, especially in motor insurance.

Premium income for the group fell by 6% in the fourth quarter of the year compared to the third quarter. This was due to both the depreciation of the pound against the Euro, and seasonal affects.

Windstorm Kyrill and the UK floods cost Fortis a total of €213 million, and forced up the COR. Without these natural disasters, COR would have stood at 95.7%.