General insurance makes £17m profit after claims controlled

Legal & General management action on costs, a review of underwriting criteria and the introduction of a new claims management approach led to a general insurance operating profit of £17m from a £2m loss last year.

It cut its combined ratio from 108% to 96% and its it household insurance from 110% to 98%

Financial highlights £m (2008 in brackets)

  • GWP 273 (296)
  • Operating profit 17 (-2)
  • Underwriting result 5 (-18)
  • Combined ratio 96% (108%)

Of which:

  • Household GWP 247 (267)
  • Household operating profit 12 (-12)
  • Household underwriting profit 1 (-26)
  • Combined ratio 98% (110%)

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