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NFU Mutual has returned an underwriting profit of £105m for 2011 compared with a loss of £150m. Gross written premiums were up 6% at £1,273m and the combined ratio improved to 91 from 115. The insurer made a profit of £98m before a £!06m mutual bonus to members. A pre-tax loss of £47m was mainly due to unrealised losses on the equity portfolio. |
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