We’ve just announced our 2019 Half Year Results and as a valued partner of LV= we wanted to share these with you.
Key financial highlights for LV= General Insurance:
- Gross written premiums up 12% to £775 million (HY 2018: £696 million), excluding discontinued business lines
- Operating profit up 55% to £35 million (HY 2018: £23 million), which includes Ogden impact of £13m
- Operating expenses down 2% to £160 million (HY 2018: £162 million)
- Combined ratio of 96.8% (HY 2018: 95.7%), excluding Ogden impact COR of 94.6%
Credit rating from Standard & Poor’s raised to AA-
Click here to view our full half year results.
Our General Insurance business has performed exceptionally well in the first six months of the year, with growth in profit, revenue and customer numbers as well as satisfaction. In our broker business we saw a 22% growth in premiums, as a result of the success of the migration of the personal lines business from Allianz, our broadened product offering and a good performance in our specialist lines. We also strengthened our distribution team with new appointments and simplified the way you contact our operations teams making us even easier to do business with. Work also continues on the development of a new broker portal, which we anticipate will be ready by the end of the year.
Other key highlights include:
- Our relentless focus on customer service continues:
- Ranked 10th in the Institute of Customer Service UK Customer Satisfaction Index across all sectors, up 32 places from the previous year
- Named Best Insurance Provider at annual Which? Awards
- KPMG and Nunwood UK Customer Experience Excellence Report set us apart from our competitors, putting us above all other insurers for customer experience
- Our recent Broker telephone survey confirmed 98.5% of you would consider LV= Broker easy to do business with and would recommend us to your customers and colleagues
- We were proud to win four awards at the British Insurance Awards – Personal Lines Insurer of the Year, Transformational Deal of the Year (joint with Allianz), Customer Care and Brand Management
- Successfully renewing Chartered Insurer status
- Good progress on the business transfers between us and Allianz and we remain on track for completion by end of 2019 for both Commercial lines transferring to Allianz and personal lines transferring in to LV= Allianz UK signed an agreement to buy out remaining 51% of LV=GI and announced the acquisition of 100 per cent of Legal & General Insurance Limited (subject to regulatory approval) which it intends to combine with LV=GI in early 2020.
We enter the second half of the year with our business in excellent health. We are pursuing a clear strategy and we’re excited about the future. With Allianz set to become our sole parent in 2020 and L&G GI joining our business I’m confident that we’ll continue to develop the great products and deliver the fantastic service that LV= has become well-known for providing to you and your customers.
Thank you for your valued support.