Household insurer’s COR improves to 82%
Legal & General’s general insurance business made an operating profit of £38m in the first half of 2015, up 35.7% on the £28m it made in the same period last year.
The division’s combined operating ratio improved by six percentage points to 82% (H1 2014 88%) amid a lack of weather claims.
The general insurance units cash generation also increased by 36.4% to £30m (H1 2014: £22m).
The improvement comes despite a 7.9% fall in general insurance gross written premium (GWP) to £164m (H1 2014: £178m). L&G said this was caused by the company maintaining pricing discipline.
Despite the overall drop, L&G grew its direct household GWP by 14.6% to £47m (H1 2104: £41m).
The direct household business now accounts for 29% of total general insurance gross premiums (H1 2014: 23%).
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.
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