LV experiences rapid growth and profit hike but takes £30m hit in December
LV experienced accelerated growth in 2010, increasing premiums by 45% to £1.18bn, but recorded an underwriting loss of £43m.
However, £30m of this loss was, according to the insurer, attributable to the severe weather experienced in December. Investment income of £73m allowed LV to report profit of £30m, up dramatically from £7m in 2009. Combined operating ratio came in at 104.2%, a very slight deterioration on last year.
LV’s MD of general insurance, John O’Roarke, said the results were excellent and predicted that the general insurance book would record a 98% combined ratio in 2011.
“This is an excellent performance
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