L&G reports drop in GI profit for 2015

Nigel Wilson of Legal & General

Legal & General (L&G) has reported an operating profit for its general insurance unit of £51m for 2015, a drop from the £59m achieved in 2014.

The combined operating ratio (COR) for general insurance was 89%, slightly worse than the 87% it achieved last year.

L&G further reported a reduction in gross written premium (GWP) to £337m for general insurance (2014: £377m).

According to the company, the results were driven by a £15m loss following the three major UK storms in December 2015.