COR drops 11 points while GWP rises 7%
Legal & General (L&G)’s general insurance business made an operating profit of £69m in 2013, up 130% on the £30m it made in 2012.
The insurer’s combined operating ratio (COR) dropped by 11 percentage points to 84% (2012: 95%), which the company attributed to “underwriting discipline, improved claims handling processes and more benign weather despite the December floods.”
Gross written premium also improved, rising 7% to £375m (2012: £349m).
The L&G group as a whole made a profit after tax of £896m, up 12% on 2012’s £798m.