Resurs Holding AB closed down its U.K. travel insurance operations, which remained unprofitable during 2016.

The business was discontinued with effect from Oct. 31, with remaining costs of 30 million Swedish kronor to be booked as a nonrecurring cost in the fourth-quarter result.

The move will enhance the Sweden-based company's insurance segment, Resurs Holding CEO Kenneth Nilsson said.

As of Dec. 21, US$1 was equivalent to 9.23 Swedish kroner.