Legal & General’s general insurance business posted a 90% combined ratio for the first half of 2011.
The ratio was flat compared with the same period last year, but a 16-point improvement over the loss-making 106% it reported for the full year of 2010.
L&G attributed the improvement to a return to more normal weather conditions. The insurer’s second half 2010 result was hit by winter weather claims.
The division’s operating profit increased 21% to £17m (H1 2010: £12m) on the back of a 9% rise in gross written premiums to £146m (H1 2010: 134m).
L&G H1 2011 general insurance results in £m (compared with H1 2010)
- Gross written premium 146 (134)
- Operating profit: 17 (14)
- Combined ratio: 90% (90%)
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