UK-based general insurer Liverpool Victoria (LV=) has reported a profit before tax of GBP70m for the full year of 2011, compared to GBP35m for the same period in 2010.
Gross written premiums were GBP1.45bn for the full year of 2011, compared to GBP1.18bn for the same period a year ago.
The company’s broker channel business premiums written grew 9.6% to GBP720m for the full year of 2011 while gross premiums written in car insurance rose 53% to GBP578m.
In commercial lines, the company’s premiums written increased 29% to GBP138m.
LV= said that within commercial lines SME premium income increased 27% to GBP54m and commercial motor business grew 30% to GBP84m.
LV= general insurance managing director John O’Roarke said that for the fourth year in a row the company has managed to combine top-line growth with strong bottom-line improvements.
"Our focus for 2012 and beyond will be on increased profitability along with steady growth," O’Roarke said.