Group results bolstered by strong GI performance
LV=’s customers will share a £20.9m bonus pot after the insurer announced healthy group results yesterday.
The group underlying operating profit was up 19% to £126.2m, from £105.8m in 2011.
LV= group chief executive Mike Rogers said: “These results for 2012 show a 19% increase in underlying operating profit which is an excellent achievement and makes 2012 our fifth successive year of growth and increased underlying profits.
“As a result of our performance, I am delighted to confirm a mutual bonus of £20.9m. This will be added to eligible with-profit members’ policies on payout.”
The group results were boosted by the performance of LV=’s general insurance arm.
In February, LV= General Insurance recorded an operating profit of £117m, up 54% on the £76m it made in 2011.
The insurer’s combined operating ratio increased by two percentage points to 99.7% (2011: 97.7%), with underwriting profits of £5m, down from £30m in 2011. The company attributed the fall to claims arising from adverse weather conditions and an increase in personal injury claims frequency.
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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