LV's GI business achieves a profit
LV’s general insurance business made a profit of £7m in 2009, compared to a loss of £30.1m the previous year.
However, while for the group as a whole underlying profit rose by £41.9m to £44.2m (2008: £2.3m), group loss before tax was £91.4m (2008: loss of £258.3m).
In general insurance, as well as achieving a profit of £7m, which LV said beat its “break-even target”, premium income increased 82.2% to £811.1m.
Gross written premiums in the broker channel were £399m, direct achieved £185m, partnership £181m and aggregator £46m.
Referring to the broker channel, John O’Roarke, managing director of general
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