L&G sees GI profit drop of 48% from escape of water claims
Legal & General saw a 48% drop in profits for its general insurance unit due to higher than expected costs from escape of water claims.
L&G’s GI business profit before tax fell from £41m in the first half of 2016 to £21m in the same period this year.
Its combined operating ratio worsened to 95% from 85% the previous year.
“This was
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