Co-op Group profit drops as insurance income falls

Inside a Co-op storeImage copyright
Co-operative Group

The Co-operative Group has reported a 48% fall interim profits after its insurance business fell into a loss.

Underlying half-year profits fell to £14m from £27m last year. That was mainly due to its insurance business reporting a £1m loss compared with a profit of £11m in 2016.

The Co-op also said membership numbers had grown by 500,000 to 4.5 million.

The group says 1.1 million members have now joined since the launch of its new membership scheme in September 2016.

The Co-op said its profits were also held back by the success of that scheme, which gives members 5% back on own-brand products.

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