Company seeking bolt-on acquisitions to boost GI contribution to group
Legal & General (L&G)’s general insurance business made an operating profit of £28m in the first half of 2014, down 28% on the £39m it made in last year’s first half.
The profit drop was caused by the £12m of weather-related claims the company incurred in the first quarter of 2014, which pushed the combined operating ratio up 7 percentage points to 88% (H1 2013: 81%).
Gross written premiums were down 3% to £178m (H1 2013: £183m).
Despite the fall in profit and revenue, L&G said it was seeking to increase the general insurance business’s contribution to the group “both through organic growth and potential bolt-on acquisition opportunities”.
Group-wide, L&G achieved a 9% increase in first-half profit after tax to £507m (H1 2013: £466m).
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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