Insurance Post

Lloyds Bank GI profits hit by early 2014 storm claims

Lloyds Banking Group logo

The impact of storm claims in the first quarter of 2014 and the continued run-off of legacy books resulted in Lloyds Banking Group posting a £41m drop in underlying profit for its general insurance business last year.

The bank's GI business recorded a drop in profits from £297m in 2013 to £256m for 2014.

Gross written premium for Lloyds' GI unit totalled £1.20bn last year, an 8% reduction on the previous years'

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