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LV COR improves to record 96.1% in 2014

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Operating profit grows 14% to £92m.

LV reported an improved combined operating ratio (COR) of 96.1% for 2014 an improvement on the 98.9% recorded the previous year.

The insurer said the COR was its lowest ever and the improvement was down to "disciplined underwriting, claims and cost management".

In addition underwriting profit grew from £15m to £51m - an increase of 240% on 2013's £51m.

Operating profit also grew 14% to £92m (2013: £81m).

However the premium income slipped to £1.39bn which the provider said was due to falling

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