LV sees profits climb while motor rates impact premium income
Provider's commercial lines business showed continued growth.
LV’s general insurance arm has reported a 24% increase in underwriting profit for the first six months of 2014, up to £21m.
The provider’s operating profit went grew to £46m, a 7% increase on the result compared with the same period of last year.
And combined operating ratio improved from 97.6% to 96.9%.
While commercial lines premium income grew by 22% to £117m (H1 2013: £96m), total premium income fell by 4%, from £748m to £720m. LV attributed this drop to falling rates in motor.
Tough
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