Legal & General's insurance division reported an 11% fall in operating profits, despite a strong performance from its household book.
Operating profit on continuing operations fell from £36m in 2003 to £32m.
Within that total, profits on the household account increased from £14m to £22m in 2004, an increase of 57%. The rise reflected a significantly lower level of subsidence claims, the company said.
Net written premiums increased by 17%, from £253m in 2003 to £295m in 2004.
Household premiums made up 77% of the net written premiums, which showed growth of 27%.
The insurer said brokers would be the focus of its growth strategy in 2005.
L&G business development director Peter Richmond told Insurance Times: "While we have grown in size in recent years, the target is to make improvements in profits in the broking sector."
The insurer has set a target of 20% growth in profits in 2005.
' Chris Rolland has been appointed to head up L&G's healthcare division and spearhead it through a rapid growth period in 2005.
Richmond said that the company would aim to exceed the 17% growth achieved in 2004 by its healthcare arm.
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.
