HBOS insurance profits up 15%

by David Masters

Story link: HBOS insurance profits up 15%

The insurance and investments division of Halifax Bank of Scotland (HBOS) reported profits were up 15% in 2008 to £739 million, compared to £644 million in 2007.

However, this profit was decimated by a £6.8 billion loss in the group’s corporate banking division.

HBOS’s insurance and investments division includes Clerical Medical and Insight Investment.

Lloyds TSB, which acquired HBOS earlier this year, said its general insurance profits were up 113% to £234 million.