View more on these topics

LV profits up 51 per cent as its eyes possible acquisitions

LV= increased pre-tax profits by 51 per cent in 2013, up to £156m from £103m in 2012.

The insurer saw overall customer numbers increase from 5.2m in 2012 to 5.5m, driven primarily by a 273,000 increase in general insurance customers.

Group operating profits increased 19 per cent from £88m to £105m.

Its mutual bonus increased marginally from £21m in 2012 to £22m for 2013.

The firm raised £350m last May through a corporate debt issue in order to strengthen its financial position.

Managing director Richard Rowney says the improved capital position could see the firm expand through acquisitions: “For us it definitely allows us to grow the business in our chosen markets and we could do that either inorganically or organically. Some companies may struggle to adapt to the changing environment.”

He says the firm expects to reveal retirement income product development shortly. He adds: “Retirement income is somewhere we are strongly positioned. More product innovation in that area is undoubted.” 


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm