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LV= looks to build protection arm as market consolidates

LV= is eyeing acquisition opportunities in the protection and retirement sectors and aims to take advantage of consolidation and market exits to become a significant protection player.

Life managing director Richard Rowney says the firm is looking to take the opportunity presented by other providers leaving the protection market to create a market share equivalent to the traditional position of companies such as Axa and Friends Provident.

He says: “The protection market will be there, it will not go away, so there have to be some winners when others are moving out of it.”

He says the mutual’s growth plans include looking at acquisitions in the protection and retirement areas.

Rowney adds: “We have a strong capital base and, with people pulling out of the market, it is a great opportunity. We believe we can grow from a small base to get a decent market share in a short period of time.”

Head of protection Mark Jones says LV= will continue to focus on its historically strong income protection offering but will devote more time and energy to other areas such as critical illness and term insurance and focus on simplified products.

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