LV's GI unit reports post-Ogden loss for 2016
Provider posts GI operating loss of £26m after strengthening its reserves by £139m.
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
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