LV’s group operating profit for the year ended 31 December 2016 has slipped to £20m post the recent discount rate change, compared to £107m in 2015.
The insurer stated that its operating profit before the Ogden change from 2.5% to minus 0.75% was £159m.
The general insurance division’s operating profit pre-Ogden rose by 57% to £113m, compared to £72m in the preceding year, however the provider posted an operating loss of £26m post Ogden after increasing its reserves by £139m.
LV also reported
- Losses bite at Ageas Retail after Kwik Fit closure
- David Charles steps down as head of PIB-owned Cooke & Mason
- Ansvar launches two charity products
- New motor fleet MGA launched
- Verisk to buy Sequel for £250m
- Ascot launches new MGA and hires Michael Sillat to lead
- Ageas teams up with CDL on Flood Re solution