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LV= life and protection sales jump 40%
07 September 2010
LV= has revealed strong protection new business figures for the first half of the year. Its sales grew 37% over the first six months of 2010 to £11.5m (on APE basis) from £8.4m during the same period last year. And the provider highlighted the sector, saying: "The results further consolidate already strong and growing market shares in our retirement solutions and specialist protection businesses." Overall, life sales increased 40% to £63.5m, from £45.2m in the first half of 2009, including: pensions up 20%; annuities (enhanced, with profit and protected retirement plan) up 54%; equity release up 63%; and savings and investments up 164%. Richard Rowney, LV= life managing director, says: "In the life business, all main products performed very strongly. "The legislation change moving the minimum retirement age from 50 to 55 provided an uplift, and profitability in the life business was also enhanced by improved cost control and by our development of new IFA accounts." Published by IFAOnline
