Discount rate blamed for rising COR

Aviva has blamed the change in the discount rate for a combined operating ratio (COR) of 112.3% in 2016.

It says without the change it would have reported a COR of 96.2%.

The insurer said that commercial motor was down one per cent at £538m while personal motor rose one per cent to £1.076bn. It added that personal motor was stable with retention broadly flat.