Insurance revenue down but profit up at L&G
Operating profit surges by 36% for the first six months of the year.
Legal & General (L&G) has reported a combined operating ratio of 82% for the first six months of the year, an improvement on the 88% in the same period of 2014.
The better performance came as the insurer's gross written premium (GWP) fell 8% to £164m (H1 2014: £178m).
The provider said it had "maintained pricing discipline in a competitive market".
Its direct business delivered household GWP of £47m in the first six months of the year, a 15% uplift on the start of 2014.
The channel now accounts
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