Lloyds TSB Insurance profits up 21%

Lloyds TSB Insurance has reported double digit growth in profit before tax up 21 per cent (£20 million) to £114 million during the first half of the year. The company said its results reflect continued progress made in the implementation of new underwriting and claims processes and developments in distribution capability.

Despite investment in these new processes, it said, costs remained flat over the first half, and operating income (net of claims) is up 12 per cent to £192 million. Underwriting income grew by 9 per