L&G reports fall in profit
Profit drops to £28m due to Q1 weather hit but L&G describes results as “stable”.
Legal & General (L&G) has reported a £28m operating profit in its general insurance division for the first half of 2014, down from the £39m reported in the first half of same period of last year.
The insurer highlighted that it had to pay out £12m of weather-related claims in first quarter of 2014 as the results also showed a combined operating ratio (COR) of 88% (H1 2013: 81%).
Mark Holweger, director of L&G's insurance business, told Insurance Age that he was "pretty happy" with the figures
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