Lloyds banking group’s general insurance business has recorded a combined operating ratio of 69% for h1 2013, improving by 11 points since a similar episode last year.
But, the company’s net written premiums fell by 16% out to £401m, from £480 in h1 2012.
General insurance claims reduced by 36% out to £148m, down from £233m last year.
Lloyds attributed the £79m reduction in premiums out to “run-off of one's legacy books and therefore the impact of revising intra cluster commission arrangements upon the home book”.
The autumn in claims was primarily due out to fewer weather claims in 2013 compared in the same episode in 2012, that was the second wettest year on record.
Lloyds additionally aforementioned the improvement within the whole combined ratio out to 69% was additionally largely down in the reduction in weather-related claims.
Lloyds banking cluster gi results ( compared out to h1 2012 )
Net written premiums : £401m ( £480m )
General insurance claims : £148m ( £233 )
Combined operating ratio : 69% ( 80% )
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