Mixed bag at LV as operating profits soar but underwriting profits plunge
LV has reported a £25m reduction in underwriting profit for 2012, at £5m down from £30m in 2011.
The provider attributed the decline to adverse weather, and said this had also impacted the combined operating ratio which was 99.7% compared with 97.7% the previous year.
However, operating profit jumped by 53% from £76m to £117m, while gross written premium (GWP) grew by 2% from £1.46bn to £1.49bn.
LV’s broker channel provided £655m of GWP, primarily in commercial lines and motor personal lines, with SME premium income increasing by 40% to £75m.
John O’Roarke, managing director of LV general
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