LV records £200m loss

The group reported a 128% increase in operating profits, to £62.8m (2007: £27.5m), and a 38% increase in gross premiums to £917m (2007: £665m).

However, LV's investments contributed to a loss after tax of £202m (2007: profit £50m). It maintained a capital surplus of £1.1bn, 2.1 times the level required (2007: £1.3bn).

The mutual emphasised its long term business management, reporting that policyholders with a 25 year with-profits policy maturing in February 2009 were at least 22% better off than e