GI profits halve at L&G for start of 2017
Combined operating ratio worsens to 95%.
Legal & General has reported a 49% fall in pre-tax profit for its general insurance division.
Profits dropped from £41m in the first half of 2016 to £21m for the same period this year.
The combined operating ratio (COR) deteriorated to 95% for the period (H1 2016: 85%).
However, gross premiums rose by 11% to £173m.
Escape of water
It listed that direct business now accounts for 36% of gross premiums, up fractionally from 35% during the first half of last year.
The provider stated that the
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