MORE than 650,000 customers of insurer Liverpool Victoria will share a £20.9m bonus pot after the insurer’s profits hit a record high, it was announced yesterday.
The friendly society is owned by its members, meaning with-profits policy holders will benefit after the company turned a £103.2m pre-tax profit in 2012, up from a £16.9m loss.
The mutual, which trades as LV=, saw strong growth at its general insurance division and it now controls a tenth of the UK personal motor insurance market.
However, it only produced a small underwriting profit of £5m on general insurance after taking a £25m hit from last year’s bad weather and another increase in the number of personal injury claims.
“These results [make] 2012 our fifth successive year of growth and increased underlying profits,” said chief executive Mike Rogers.
“We have invested significantly in our external brand and our proposition of offering good value products backed up by great customer service and this approach is clearly paying dividends.”