LV boss blames investment return and motor for profit drop
LV general insurance managing director John O'Roarke blamed falling investment returns and plummeting car insurance rates after the provider's operating profit dropped by a third.
The business today reported that profit had slipped to £43m for the first half of 2013, down on the £62m posted for the same period last year. Its combined operating ratio (COR) also edged up to 97.6% from 97%.
Speaking to Insurance Age, O'Roarke explained: "For the first half of last year we saw an incredibly strong investment return but we have not been able to repeat that and I guess that will be a market-wide issue.
"Also, year-on-year rates in car insurance have fallen a lot and it's very
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