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LV= reports 19% profit rise to £126m as life sales surge

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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 increased to over £150m.

The mutual insurer’s 2012 results, published this week, 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 rose 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.

AWD Chase de Vere head of communications Patrick Connolly says: “LV= is succeeding because it is very strong in a small number of core markets, especially pensions and annuities. As long as it retains that focus it should continue to be profitable in the future.”

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