CGNU Posts 12% Q1 Profit Increase to $636 Million

CGNU, Britain’s largest insurer, posted a healthy 12 percent gain in first quarter operating profits to £445 million ($636 million). Life, pension products and general insurance all registered gains over last year’s results.

The results are especially welcome in the p/c sector which rose 38 percent, confirming the upward trend in premiums and the hardening of insurance rates in general. CGNU has indicated that it’s willing to lose market share rather than accept inadequate rates particularly in its commercial property and automobile lines.