CFS hit by flood claims

INSURANCE claims amounting to &#163 55 million following the widespread flooding in many areas of England this summer have severely dented? Co-operative Financial Services&#039 profits for the half-year...

INSURANCE claims amounting to £ 55 million following the widespread flooding in many areas of England this summer have severely dented? Co-operative Financial Services' profits for the half-year ending July 28th.
INSURANCE claims amounting to &#163 55 million following the widespread flooding in many areas of England this summer have severely dented?

Co-operative Financial Services&#039 profits for the half-year ending July 28th.

The organisation&#039s interim results announced last week show that a predicted pre-tax profit of &#163 92.9m ? an increase of 16 per cent ? before significant items and investment fluctuations was reduced to just &#163 38m following claims made in the wake of the storms in January and flooding which affected areas of Yorkshire, the West Midlands and the South West during June and July.

Profits from banking activities increased marginally to &#163 45.5m but a technical profit of &#163 22.6m in the general insurance division prior to the bad weather claims was turned into a loss of &#163 32.3m due to the flood damage.

CFS Chief Executive David Anderson was upbeat, despite the impact of the weather-related general insurance claims. He told the News: "A 16 per cent increase in underlying profits, prior to the exceptional weather claims, is encouraging and reflects improvements in banking,
general insurance and investment results.?

"We are now well placed to benefit fully from a &#163 250m capital investment programme that will improve the accessibility and quality of our product range amongst a growing number of conscience consumers."

? Further details in the News, published September 18th.?

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