Lloyds Bank reports GWP drop in first half
Lloyds Banking Group’s general insurance business reported a 13% drop in gross written premium (GWP) in the first half of 2017 because of heavy competition in its main market of household insurance.
Lloyds Bank general insurance GWP was £370m in the first half of 2017, down from £424m in the same period last year.
The company said the dip reflected “the continued competitiveness of the household market and the run off of legacy products”.
On a more positive note, the bank said that GWP from new business was up 3% to £38m (H1 2016: £37m), which it attributed to the online offering it launched in 2016.
The unit also improved underwriting profitability. Its combined operating ratio improved by one percentage point to 88% (H1 2016: 89%).
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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