But direct business enjoys 16% boost
Legal & General’s general insurance business reported gross written premiums (GWP) of £81m in the first quarter of 2015, down 4% on the £84m it wrote in last year’s first quarter.
The company attributed the dip to “disciplined pricing”.
But it added that its direct general insurance business grew its GWP by 16% to £22m (Q1 2014: £19m) as a result of “enhanced digital capabilities”.
Despite the falling GWP overall, L&G said its general insurance business had made an increased contribution to the group’s operational cash generation.
L&G’s group operational cash generation for the quarter was up 11% to £330m (Q1 2014: £297m).