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LV= reports 19 per cent profit rise as life sales rocket

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LV= has reported a 19 per cent increase in group underlying pre-tax profit for 2012 as the provider’s total life sales surged to over £150m.

The mutual insurer’s 2012 results, published today, show underlying profit rose from £105.8m in 2011 to £126.2m in 2012.

This figure excludes short-term investment fluctuations which are included in the IFRS pre-tax profit numbers.

IFRS pre-tax profit was £103.2m in 2012, compared with a loss of £16.9m in the previous year.

Underlying profit in LV=’s life business increased 7 per cent, from £24.5m in 2011 to £26.3m in 2012.

Total life sales increased 15 per cent, from £136.2m to £156.6m. Pension sales were up 19 per cent, from £46.7m to £55.6m, while annuity sales increased 13 per cent, from £53m to £59.9m.

Protection sales surged by 15 per cent, from £28m to £32.2m. Equity release sales were more subdued, however, increasing 5 per cent from £8.5m to £8.9m.

LV= life and pensions managing director Richard Rowney says: “Our focus in 2013 remains unaltered. We want to be the UK’s leading retirement and protection specialist, through being in profitable, fast growth markets where we have relative scale.

“We plan to maintain our growth with the launch of new propositions in the protection and retirement markets. We are also continuing to invest heavily in the training and development of our people, to ensure we can provide outstanding service to advisers and customers.”

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