General insurance operating profits fall at LV in 2015
Insurer posts £19m operating loss for broker channel business.
LV has reported a 22% fall in operating profit for general insurance business in 2015 to £72m from £92m the year before.
The decrease in the year to 31 December 2015 came as gross written premium (GWP) increased by 6% to £1.47bn (2014: £1.39bn).
Although the underwriting profit fell by 14% to £44m (2014: £51m) the insurer's combined operating ratio came in at 96.1% which was identical to 2014.
LV noted that the underwriting result benefited from "significant favourable prior-year reserve
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