LV operating profit slips to £43m amid "difficult" motor market
LV saw its operating profit slip to £43m for the first half of 2013, down on the £62m posted for the same period of 2012 for general insurance.
The provider's premium income remained flat compared to last year, edging up to £748m from the £747m recorded in 2012.
Its combined operating ratio (COR) crept up to 97.6% from 97% - an amount the insurer attributed to falling premiums rates.
And its underwriting profit fell to £17m from the £21m registered for the first half of 2012.
The provider's motor in-force polices nudged up to £3.1m from £3m as its total in-force policies increased to £4.3m from £4m.
As for its broker business, GWP came
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