LV posts reduced GWP for Q1 due to poor motor rates
Provider saw growth in home and commercial business.
LV has reported gross written premium (GWP) of £363m for the first three months of 2014.
This is a reduction of £16m compared with the £379m GWP posted for the same period of last year.
The decline is attributable to LV’s motor business – the only product line which saw GWP go down, from £287m to £254m.
Home insurance GWP improved from £37m in Q1 2013 to £45m this year, while commercial, including SME, went from £45m to £54m.
Of the total GWP, the direct channel was responsible for £212m (Q1
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