LV sees broker business soar by over 50%

Gross written premiums (GWP) for general insurance overall were up 37% to £546.4m (H1 2009: £397.5m) and combined operating ratio improved to 101.9% (H1 2009:103.8%).

Direct business as a whole went up by 20% to £245.8m (H1 2009: £204.4m) while new direct business GWP increased by 39% to £85.0m (H12009: £61.3m).

According to the Financial Services Authority returns for 2009, LV is now fourth biggest private car insurer.

Mike Rogers, LV group chief executive, commented: "Although the market environment remains challenging, our focus has paid off enabling us to continue to grow profitably across the LV Group. Our trading performance in terms of both sales and profitability was significantly up on the same period last year.

"In general insurance, both the direct and broker channels performed strongly. We have taken the opportunity in current market conditions to combine increased rates with growth in business volumes and this has driven profitability."

John O'Roarke, LV general insurance managing director, said: "The results in our general insurance business are better than those experienced by the market as a whole. I believe this is due to our precision in risk-pricing and a determination to address claims fraud and exaggeration which would otherwise push up premium rates for honest customers.

"Our reputation for consistently good customer service has also helped us enormously to win and retain new customers."