Insurance Day
CGNU profits slump
By Scott Farley, London
PROFITSthe UK‘s largest insurer slumped last year on the back of losses from autumn floods. The catastrophe which hit in October
cost CGNU �195m ($283m). This together with �90m losses left over from the French storms of December 1999 combined to drive
general insurance operating profit down to �412m from �459m in 1999.