LV= reports 2009 results
LV= has released its financial results for 2009, including an underlying profit which rose from £2.3m to £44.2m.
The results build on the firm’s interim figures, which saw gross written premiums rise by 92% and a strong underwriting performance.
The firm’s with-profits fund exceeded the benchmark by 2% to record a return of 15.4%, and LV= saw gross written premiums in general insurance rise to £811.1m.
However, the firm did incur a group IFRS pre-tax loss of £91.4m, which is nevertheless a substantial improvement on the £258.3m loss suffered in 2008.
The loss before tax has been attributed to short-term investment fluctuations, reserve strengthening, and protecting the with-profits policies.
LV= has retained a strong capital position, with capital at 1.6 times the level necessitated by FSA regulation.
The firm also saw its customer satisfaction rise, a figure which now stands at 96%.
Group Chief Executive Mike Rogers has said that the firm’s turn around is continuing according to plan, and welcomed the substantial improvement in underlying profits.
Category: Financials, Insurance News
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