SVB slides into the red

By THIS IS MONEY
Updated:

 

Lloyds' insurer SVB Holdings, which merged last year with rival CLM, has dropped into a first-half £6.8m loss against a £1.9m profit last time. Chief executive Rupert Villers said the loss was due to a short-term fall in the value of stock market investments. At the operating level, profits dropped 29% to £2.2m in line with the tightly squeezed insurance market.

Villers said the group's combined ratio of 89.5%, a key measure of underwriting profitability, was still 'probably the envy of our competitors'. A ratio above 100% means the group is loss making.

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