LV's underwriting profit falls by 39% in 2019
But CEO Steve Treloar says premiums in the provider's broker business has grown by 24% after Allianz's personal lines business transferred to LV.
LV General Insurance has reported a 39% fall in underwriting profit to £60m in 2019, down from £99m in 2018.
In addition, the provider’s operating profit dropped by 13% to £93m, compared to £107m in the preceding year and its combined operating ratio deteriorated to 94.9% (2018: 92.0%).
However, LV’s gross written premiums grew by 12% to £1.57bn in 2019, up from £1.40bn in 2018.
The insurer explained that the numbers exclude the discontinued commercial lines business, which has transferred to
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