PROFITS declined £40 million sterling to £311 million at the General Accident insurance combine in the first nine months mainly due to increased severe weather losses of £58 million in the first six months of the year.

However, third quarter figures were markedly improved with profits up £22 million at £117 million buoyed by good US results, strong performances in New Zealand and Asia and "excellent progress" in British life and pensions following acquisition of the Provident Mutual life office.

In Ireland, underwriting losses doubled to around £5 million.