Legal & General sees GI profit drop
COR and GWP in its general insurance division have also deteriorated.
Legal & General (L&G) posted a fall in insurance profit before tax to £46m in the first six months of 2015, significantly lower than the £138m recorded in the same period last year.
L&G said this change was due to the impact of interest rates and negative investment returns.
General insurance operating profit was £31m (H1 2015: £38m).
Flash floods
The provider stated this came despite the impact of the flash floods in June, which cost c.£5m and the introduction of the annual Flood Re levy of £9m
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