Das LEI posts £7.3m loss but swings back to underwriting profit
Das Legal Expenses Insurance Company has reported a comprehensive loss of £7.3m for 2022 driven by its investment performance, as the insurer grew and returned to underwriting profit.
The deficit was mainly caused by £7m of unrealised losses in the investment portfolio, the majority of which came from falls in the value of UK government bonds.
The Munich Re-owned legal expenses provider made a loss of £4.3m in 2021, again predominantly due to a £2.3m investment hit.
However, unlike 2021, in the latest figures it reported an underwriting profit of £6.1m as the combined operating ratio improved to 95.6%.
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