GI profits flat at LV
LV has reported profits before tax of £53m for the first half of 2012, in line with the £52m achieved in the same period of 2011 for general insurance.
The insurer did however deliver a 13% increase in trading profits - defined as underwriting result plus investment income - to £62m for the first half of 2012, up from £55m in the first half of last year.
Premium income rose by 6% to £747m (H1 2011: £704m) as the provider's combined operating ratio improved to 97% in the period from 98.1% in the comparable period of 2011.
However premium volume in the personal lines broker channel was down 12% to £250m in the first half of 2012, which LV said
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