HBOS general insurance profits down 24% after £135m flood hit
Halifax Bank of Scotland this morning reported that its general insurance profit decreased by 24% to £232m (2006 £304m) reflecting the £135m cost of the floods in June and July 2007, which it claims outweighed the "positive impact from good volume growth in household insurance".
General insurance sales, as measured by gross written premium, fell by 1% to £1761m (2006 £1786m excluding sales through Paymentshield, which was sold in November 2006).
Both motor (up 12%) and
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