Financial services group Delta Lloyd on Thursday announced a drop in operational profit but an increase in gross wirtten premiums for the first half year.

Operational profit was down €9m at €218m compared to the first half of 2011. Gross written premiums were up 2% at €2,877m.
Much of the fairly stable net profit increase was due to lower operational costs which fell 6% to &euro399m, ahead of target.
‘In difficult market conditions, we managed to achieve a resilient performance, but the current economic situation also calls for caution. We have therefore chosen to lower the risk profile of our portfolio through dynamic risk-return management,’ CEO Niek Hoek said in a statement.