Under-performing units result in heavy loss for SVB

Insurance group SVB Holdings today has announced a before-tax £117.5m (€173m) loss, including operating exceptional items, in the first six months of 2004. This compares with an £11.1m (€16.3m) profit last year.

SVB has discontinued a number of under-performing units, including liability reinsurance, healthcare and third party liability. The company's remaining units performed well, the company said today.