L&G’s general insurance combined ratio deteriorates six points to 99% following weather-related claims
Legal and General’s (L&G) operating profits halved to £8m in the half year, compared to £17m in the same period last year following a batch of weather-related claims.
L&G, one of the main players in home insurance, still managed to post an underwriting profit, clocking up a combined ratio of 99% (2011 H1: 93%).
Total gross premiums shot up to £166m (2011 H1:£146m) and new business increased to £65m (2011 H1:£54m).
On operating profits, the statement said: “Overall, the General Insurance business delivered an operating profit of £8m (H1 2011: £17m) which includes the impact of freezing weather and storms in the early months of the year, and flood claims in June.”
L&G took its policyholder numbers past one and a half million thanks to an expansion on its broker relationships and direct.
L&G said: “We have continued to develop our share of the direct market, with new business premiums through this distribution increasing by 135%.
“Growth has also been achieved through broker distribution, where we have been successful in developing existing and new partner relationships. The business now has in excess of one and a half million policyholders.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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