L&G's half-year insurance profits halved after bad weather
Legal & General (L&G) saw its general insurance arm operating profit plummet by more than half to £8m for the first half of this year compared to 2011.
The insurer blamed freezing weather and storms, as well as the recent June flooding for slashing profit from £17m in the first half of the previous year.
However, the insurer reported that its gross written premiums (GWP) for general insurance enjoyed a 14% rise to reach £166m (H1 2011: £146m).
L&G's combined operating ratio (COR) was also hit by the poor weather, rising from 93% in the first six months of 2011 to 99% in the comparable period this year.
The insurer said the adverse weather
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