LV chief John O’Roarke reveals COR and growth targets
John O'Roarke, managing director of LV general insurance, has reacted to the news that the insurer lost broker business in the first half of 2012 by admitting its results were “two ticks and a cross” across its three elements.
LV saw premium volume in the personal lines broker channel decline by 12% to £250m in the first half of 2012, whereas direct and broker commercial both grew as it reported trading profits of £62m (H1 2011: £55m).
Mr O'Roarke told Insurance Age: "The way we try to run the business is to be channel agnostic."
He added: "What we do try to do is equalise the profitability. We want each source of business to get as close as possible to the 97% COR target.
"To do that with broker personal lines
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