L&G GI returns to profit, with 18% COR improvement
Legal & General has reported profit of £42m for its general insurance arm in 2011, up £50m from an £8m loss the previous year.
Gross written premiums grew by 8%, with new business premium income increased by 38% from £80m in 2010 to £110m in 2011.
Combined operating ratio (COR) also improved, from the 106% reported for 2010 to 88% for last year. L&G attributed the positive results in part to more benign weather conditions in 2011.
Mark Holweger, broker and intermediary director, said he was pleased with the company’s “strong, solid performance”.
He said: “The key for us is the COR, which is particularly strong.
“Even if
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