Mixed bag at LV as operating profits soar but underwriting profits plunge


The provider attributed the decline to adverse weather, and said this had also impacted the combined operating ratio which was 99.7% compared with 97.7% the previous year.

However, operating profit jumped by 53% from £76m to £117m, while gross written premium (GWP) grew by 2% from £1.46bn to £1.49bn.

LV’s broker channel provided £655m of GWP, primarily in commercial lines and motor personal lines, with SME premium income increasing by 40% to £75m.

John O’Roarke, managing director of LV general

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