LV= reports strong start to 2010
LV=, the mutual insurance, retirement and investment group, has reported its interim results for the first six months of 2010.
The firm saw gross written premiums increase by 37% from £397.5m to £546.4m, with broker business rising by 56% to exceed £300m.
During the same period last year the firm recorded a 92% rise in gross written premiums, a huge gain that has been both kept and improved upon this year.
LV=’s combined ratio improved, falling by 1.9% to 101.9%, and the firm is now, according to the FSA, the nation’s fourth largest car insurer.
Life sales increased by 40% to £63.5m, and LV=’s Asset Management division saw its H1 2010 sales figures exceed those of the annual sales in 2009 (excluding third party institutional sales).
Group Chief Executive Mike Rogers has said that the firm has managed to improve its profitability despite the ongoing challenges posed by the operating environment.
General Insurance Managing Director John O’Roarke reported that LV=’s general insurance business outperformed the market average, and attributed this to the firm’s commitment to combating fraud and exaggeration.
Category: Financials, Insurance News, LV= News
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