L&G remains upbeat despite profit drop

The insurer reported an operating profit drop of £9m to £8m for the first six months this year.

However, Mark Holweger, broker and intermediary director, insisted L&G had posted a "very strong set of results" considering the June floods.

He revealed L&G were hit with some 800 claims during June, but said the month's adverse weather had been built into the insurer's pricing structure.

And despite L&G's combined operating ratio (COR) edging up to 99% in the first half of 2012 (H1 2011: 93%) Mr

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