LV= has seen defined benefit transfer levels drop off after a record 2017, results released this morning show.
Figueres for the first half of this year show new business sales in its life arm were down 5 per cent to £983m.
The reduction in pension sales “was
expected following the high levels of DB to defined contribution transfers in 2017,” LV= says.
In March, the firm reported that transfer had contributed to a double digit growth in its pensions portfolio for the 2017 financial year.
However, equity release sales have picked now up by 66 per cent in the first six months of 2018 to reach £88m.
As well as praising the launch of its new robo-paraplanner tool with Wealth Wizards, LV= said it expected a new contract with Vanguard to offer ten index funds in its pension portfolio to be drivers of growth.
LV= chief executive Richard Rowney says: “We have made steady progress in the first six months of the year with good underlying trading results partially masked by the impact of the ‘Beast from the East’ bringing severe weather across the UK in February and March. Tackling competitive trading conditions and a significant change agenda, the business continues to perform well with top-line growth in General Insurance and increased profits in Life.”