Legal & General insurance COR worsens to 93%
GWP went up but operating profit fell as the insurer blamed the drop on escape of water claims.
The insurance division of Legal & General (L&G) reported a deteriorating COR in its full year results for 2017 hitting 93% compared to 89% in the previous year.
Gross written premium (GWP) rose 13% to £369m (2016: £326m) something L&G said it achieved despite “the pressures of a competitive market and maintaining our pricing discipline”.
Operating profit, however, dropped to £37m from £52m and profit before tax fell to £43m (2016: £68m).
Claims
The provider said: “This was primarily due to
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