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LV= life sales boosted by increase in minimum retirement age

LV= saw a 40 per cent increase in life sales for the first half of the year, which it says were boosted by the increase in the retirement age from 50 to 55.

Life sales at the mutual increased from £45.2m to £63.5m on an APE basis with retirement business up 36 per cent, from £35.4m to £48.3m and protection and savings business up 55 per cent, from £9.8m to £15.2m.

LV= life managing director Richard Rowney says: “In the life business, all main products performed very strongly, driven by competitive pricing, improved awareness and penetration, and a strong reputation for quality products. The legislation change moving the minimum retirement age from 50 to 55 also provided an uplift, and gave an opportunity for LV= to showcase its flexibility and commitment to IFAs and their clients.”

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