Insurance Age

LV doubles insurance profits as COR improves

John O Roarke is general insurance managing director at LV
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LV has reported a doubling in general insurance profits before tax to £70m in 2011 from £35m the previous year.

The insurer also revealed an improved combined operating ratio of 97.7% (2010: 104.2%) as gross written premiums grew to £1.46bn from £1.18bn the year before.

LV confirmed that while its motor book grew by 400,000 in 2011 to 2.9 million it had seen a further increase in personal injury claims and attempted fraud.

Total policies sold by the insurer rose to 3.9 million for the year from 3.4 million in 2010.

The provider also detailed the split of business between the direct and broker channels

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