'Value over volume' focus takes its toll on GWP at Lloyds Bank
Lloyds Banking Group’s general insurance business saw its combined operating ratio increase by five percentage points to 77% last year, while gross written premiums reduced by 8% to £1.3bn (2012: £1.4bn).
The GWP slump was blamed on the effect of the closed creditor book and as a result of the banks' focus on "value rather than volume" on the home insurance portfolio.
A statement in Lloyds' 2013 full
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