In 2014, General Insurance gross written
premiums increased in local currency terms,
led by the Group’s priority markets.
General Insurance made good progress
in the strategy to turn around or exit
underperforming businesses – such as our
decision to sell our general insurance retail
business in Russia – and deliver an improved
combined ratio, offset by lower releases on
reserves established in prior years.
Global Life delivered strong growth in
the U.S. and UK priority markets for retail,
bank distribution and Corporate Life
& Pensions in 2014. BOP was broadly flat
compared with the prior year.
At the Farmers Exchanges, although gross
written premiums were flat for the year,
momentum was very positive, with growth
of 2.4 percent in the final three months of
2014. Customer experience, measured by the
Net Promoter Score, a measure of customer
satisfaction and loyalty, improved considerably
and customer retention rose to 76.8 percent
at the end of 2014 from 74.8 percent at the
end of 2013