Insurer Blames UK Gov't Rate Guidance For Profit Slump

Law360, London (August 7, 2019, 1:05 PM BST) -- Mutual insurer Liverpool Victoria has said its profits took a £13 million ($16 million) hit because it relied on government guidance from 2017 that falsely assured the industry that a rate used to calculate personal injury compensation would change in favor of insurers.

Liverpool Victoria Friendly Society Ltd., which brands itself as LV=, said on Tuesday that its operating profits for the six months ending in June were £35 million. But the general insurer said the total, which takes into account the group’s operating expenses, would have been a healthier £48 million if it had not paid out an additional £13...

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