Legal & General reports 13% higher GWP in general insurance products
Legal & General said it is on track for a record year in 2017, with its general insurance business reporting gross written premiums up 13% by the end of October to £305m.
In a trading statement to the stock exchange, L&G said it continues to see great momentum in all its businesses in the year to date and has experienced particularly strong growth in recent weeks.
“L&G is on track for a record year for earnings and profits,” said chief executive Nigel Wilson (pictured).
“Our market leading positions and strong balance sheet, coupled with our management capability is allowing us to benefit from global growth opportunities.
“We remain strategically well placed to deliver strong, attractive growth and returns in our core markets.”
Direct to consumer sales of general insurance products continue to increase, with the launch of the digital SmartQuote product. The company said it has also been successful in winning further distribution agreements for its household products. The group also acquired pet insurer Buddies in October.
“Following our adverse claims experience in the first quarter of the year, we took management action which has mitigated the ongoing impact of claims on the GI result,” the company said.
It added that its growth is supported by a strong balance sheet with a Solvency II surplus of about .£6.9bn and a shareholder coverage ratio of 190%.