“Competitive positioning” to lead to more growth

LV= has announced gross written premiums for the first half of 2009 were up 92% to £397.5m with broker business soaring 137% to £192.4m.

GWP by channel (2008 in brackets)

  • Broker £192.4m (£19.2m)
  • Direct including aggregator £61.3m (£47.4m)
  • New business £253.7m (£66.6m)
  • Renewals £134.6m (£127.9m)
  • Britannia Rescue £9.1m (£12.0 m)
  • GI Total £397.5m (£206.5m)

GWP by product

  • Motor £313.6m (£132.9m)
  • Household £58.2m (£57.6m)
  • SME, Britannia & other £25.6m (£16.0m)
  • Total £397.5m (£206.5m)

Mike Rogers, LV= Group chief executive, said: "Our general insurance business, benefiting from the integration of Highway Insurance, managed to more than offset exceptionally low investment returns through strong sales, rate increases, and improved underwriting performance.

"There seems little reason to believe that market conditions in the second half of 2009 will be any more favourable. However our momentum and competitive positioning mean that we expect sales to continue to trend higher, and costs to remain well contained."