LV= reports £18.3m pre-tax loss

LV= has posted an IFRS pre-tax loss of £18.3m for 2010, reducing the £91.4m loss it made in 2009.

The company says the loss has been driven by a decision to reserve an additional £165m for future bonus payments.

Annuities business is up 76 per cent over the year on an APE basis from £25m to £44m. Pensions business is up 10 cent from APE £37.7m in 2009 to £41.6m.

Protection sales have increased 24 per per cent from APE £17.7m to £23.7m, while equity release business has risen 23 per cent from APE £7.3m to £9m. Savings and investment business has gone up 27 per cent from £4.5m to £5.7m.

Assets under management have grown by 13 per cent from £7.1bn to £8bn.

The company posted a group underlying profit of £96.2m, up 118 per cent from £44.2m in 2009.

Group chief executive Mike Rogers (pictured) says: “LV= performed very well in 2010 despite ongoing turbulent market conditions. Sales were extremely strong driving a doubling of underlying group profit and we are now performing competitively in our chosen product areas.

“Our momentum from 2010 has continued into the first quarter of 2011 in respect of both sales and profits. As a result we continue to perform well and add to member value.”