GI profits up at L&G for 2016
Provider posts COR of 89% - identical to 2015.
Legal & General (L&G) has reported a pre-tax profit of £68m for general insurance business in 2016, up markedly on the £43m in the previous 12 months.
However, operating profit was effectively flat at £52m (2015: £51m).
The majority of the overall increase came from investment and "other variances". Whereas the provider lost £8m in 2015, last year it was boosted by £16m of profit in this line.
The profit level came despite a downturn in gross written premiums (GWP) which fell from £337m in 2015
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