10 LV= Annual Report 2012
Chief Executive
Statement
Mike Rogers
Chief Executive
We are now established as one of the UK’s top three I’m pleased to report that 2012
saw a strong strategic and financial
private motor insurers with over 70% brand recognition. performance from all areas of the LV=
group. This is the fifth year of increased
Group underlying growth and underlying profitability. As well as a
126.2 profit strong trading performance, we made significant
steps in embedding our vision to be Britain’s
105.8 £126m best-loved insurer.
+19%
Group underlying operating profit increased by 19%
to £126.2 million contributing to an operating profit
increase of 31% to £83.8 million and a profit before
tax and mutual bonus of £103.2 million (2011: loss
Operating of £16.9 million). LV=’s financial position remains
83.8 profit strong and we have over £1 billion of capital
64.0 £84m resources as at 31 December 2012.
+31%
We participate in markets where we have a
competitive advantage and where there are
good prospects for continued manageable and
profitable growth. Our composite model provides
Statutory profit/(loss) diversity of earnings, a good balance between
103.2 before tax & mutual bonus capital generating and consuming businesses, a
(16.9) £103m powerful shared brand and customer proposition
as well as important operational leverage across
business support functions. These strengths
mean we feel well placed to continue to be
2012 successful in the future.
2011