LV triples underwriting profit while premium income falls
GI business sees combined ratio improve while operating profit tumbles.
LV’s general insurance business has reported £10m growth in underwriting profit for 2013, up from £5m in 2012 to £15m.
The provider’s combined ratio also improved, from 99.7% to 98.9%.
Operating profit decreased by 31% to £81m (2012: £117m), while premium income also fell, from £1.49bn to £1.45bn – a decline attributed to falling motor rates.
Challenging year
The provider described 2013 as “a challenging year for UK general insurers” as motor rates continued to weaken and investment returns
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