Halifax's personal lines profit down

LONDON - The UK's biggest mortgage lender, the Halifax, has seen pre-tax profits in its personal lines insurance sector fall by �1m to �75m in the first half of 1998, compared to the same time last year. However, in the six months to June 30, 1998, the total number of policies issued by Halifax grew by 13,000 compared to the first half of 1997, despite a drop in the number of household policies issued. Halifax chairman, Jon Foulds, said: "We achieved a 4% increase in the number of loan repayment policies outstanding over the period and sales of motor policies are now meeting the targets we set ourselves when launching the product." Halifax's overall interim results saw its first half pre-tax profits up 5.1% to �843m.