Trading Statement
11 June 2003 - 9:00PM
UK Regulatory
RNS Number:1806M
Cox Insurance Holdings PLC
11 June 2003
11 June 2003
Cox Insurance Holdings Plc
AGM Trading Statement
At today's Annual General Meeting of Cox Insurance Holdings Plc, Peter Owen,
Chairman, gave the following update on trading:
Underwriting
We see continued strength in the diversified segments of our personal lines
business, and are confident that overall our business will continue to grow in
2003. Management of our broad spread of niche businesses is ensuring that this
growth will be profitable despite competition in the private car market.
Underwriting performance has been very encouraging and we anticipate that our
combined ratio will continue to be at the forefront of the market.
Broking and Insurance Services
These businesses are trading well and we are continuing to improve margins,
conversion and retention rates and overall efficiency, in order to improve our
profitability despite competition in the market. We are encouraged about new
business prospects in our direct business.
Cost Reduction
Our re-engineering projects are set to provide increasing benefits in the
future. We are successfully automating existing manual processes and have
increased the extent of our outsourced activities.
Isolated Business
The isolated business continues to perform in line with expectations and our
confidence is further underpinned by significantly increased reinsurance
protection.
Outlook
We have seen a positive start to the year. We are very well placed in our key
markets to maximise the benefits of the current trading environment.
-Ends-
For further enquiries, please call:
Cox Insurance Holdings Plc Peter Owen, Chairman 020 7265 6711
Brunswick Group Ltd Rupert Young 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
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