LV reports switch from loss to profit in 2010
LV has revealed a reversal of 2009’s £172.2m after tax loss to a profit of £21.3m in 2010 as it published its full year group results.
The mutual insurance, retirement and investment group also declared a 43% increase in net premiums to £1.65bn (2009: £1.15bn) along with a 118% rise in underlying profit to £96.2m (2009: £44.2m).
As reported by Insurance Age in February the company's general insurance business had a 46% growth in premiums in 2010 to £1.18bn while trading profit more than quadrupled to £30.7m (2009: £7m). The insurer recorded a broadly flat combined operating ratio 104.2% for the period and grew policy numbers to
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