L&G GI reports GWP growth while profit and COR decline
Legal & General’s (L&G) general insurance (GI) division has reported gross written premium of £349m for 2012, up from the £304m reported in 2011.
The group said its insurance arm had benefited from 27% growth in its broker accounts, along with 36% growth in direct sales.
However, the provider’s combined operating ratio (COR) declined by 5%, from 90% in 2011 to 95% last year, and operating profit was reduced to £30m in 2012, compared with £42m the previous year.
Mark Holweger, L&G's GI broker, intermediary and affinity director, said the results were “solid and strong”: “Our results are very much in line with our targets, we’re very
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