LV results hit by weather claims

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Profit and COR deteriorates for H1 2018 but GWP increases to £827m amid transfer of business with Allianz.

LV’s general insurance business has seen its’ COR deteriorate to 95.7% in the first half of 2018.

Last year saw a COR of 93.6% for the half year. Operating profit also slipped to £23m (H1 2017: £39m).

The business blamed these figures on severe weather at the start of 2018.

Richard Rowney, LV Group chief executive, said: “In common with most other home insurers our General Insurance business was adversely impacted by severe weather at the start of the year which resulted in £17m of net claims

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