LV's COR down as broker channel grows
LV's half year results have seen the mutual insurer's combined operating ratio (COR) drop below 100 to 98.1%.
LV's profit before tax grew to £52m (H1 2010: £35m) and its gross written premiums (GWP) increased by 29% to £704m.
Both distribution channels experienced growth with premiums in LV Broker rising by 18% to £354m compared with H1 2010. Broker motor personal lines sales were up by 13% to £238m and the insurer put this down to a combination of rate hardening and growth in policy volumes. In commercial lines, premiums written increased by 38% to £70m.
The direct business also saw growth with the
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