A £150m increase in investment-linked bond sales has helped push life and pensions sales at LV= up 22 per cent.
A trading statement for the first nine months of the year shows sales of the mutual’s flexible guarantee bond grew 153 per cent, from £98m last year to £248m in 2015.
Overall the life and pensions business has seen sales increase from £1.1bn to £1.3bn.
While annuity and equity release sales are down at 32 per cent and 46 per cent respectively, pensions sales are up 40 per cent, from £440m to £615m.
LV= attributes the rise to increased demand for drawdown products.
Life and pensions managing director Richard Rowney says: “We have witnessed a change in the buying behaviour of those approaching retirement and there has been a notable rise in the number of advisers and clients that are now looking for blended solutions – combining the flexibility of drawdown and the guarantees provided by specialist annuities.”
The mutual recently entered the corporate pensions market, launching tools for defined benefits schemes.
Earlier this month, Money Marketing also revealed LV= is also planning to enter the enhanced bulk annuity market in 2016.