Figures show growth in GWP but COR remains north of 100%.
Legal expenses insurer Das has posted an operating loss of £17.4m for 2016, an increase on the £11.4m operating loss it made the previous year.
by Sian Barton
The combined operating ratio was the wrong side of 100% hitting 110.6% however this was an improvement on the 119.6% reported in 2015.
The loss after tax more than doubled to £13.8m (2015: £5.7m).
However the provider’s gross written premium actually went up to £130m from £110m.
Das noted in the filing at Companies House that the change was partly due to reduced premiums in 2015 caused by a “one off reduction in ATE premium”.
The directors commented: “Excluding the impact of that one-off effect, the increase in gross written premiums reflects the growth of the business in line with strategy.”
Directors also stated in the report that during 2016 the business went through a “company-wide transformation programme” entitled Nexus.
They wrote: “The programme included work streams covering governance, people, customer, data and financial systems. The costs arising from this project have impacted the current year result.”
Das has previously expressed that it is undergoing a “turnaround phase”.