Insurer LV= hit by British rain

THE BUSINESS formerly known as Liverpool Victoria yesterday shrugged off the wet weather to unveil strong year-end growth at its general insurance arm.

Profits at LV=’s core underwriting business fell from £30m to £5m following heavy weather-related claims. But total year-end operating profit rose 53 per cent to £117m thanks to strong investment returns.

LV=, the UK’s third largest private motor insurer, operates as a friendly society owned by its members.