LV=’s life and pensions business has reported an 18 per cent increase in profit as the insurer points to an increasing focus on costs and digital advice.
In results for the first six months of the year released today, LV= lauded the launch of further digital initiatives like its robo-paraplanner service, as it stood by a cost reduction programme looking to save £40m by 2018.
LV= acquired a majority stake in robo-adviser Wealth Wizards in 2015, and launched the robo-paraplanner tool this May, which it claims can generate an automated advice report in less than a minute.
LV= chief executive Richard Rowney says: “Over the last two years we have invested over £80 million in improving our core systems and developing new digital propositions such as our robo-advice service, Retirement Wizard. Our continued investment in digital initiatives is enabling us to both reduce costs and improve productivity. “
Pensions sales were up 29 per cent to £654m, the firm says, partly driven by defined benefit transfers.
The results statement says: “We believe in the importance of taking advice at retirement and are seeing an increased interest in the provision of automated regulatory advice services. With our investment in Wealth Wizards we are well placed to play a leading role in this growing area of the market.”