LV= has seen a 62 per cent increase in sales in its savings and investments business, as with-profits sales are buoyed in the wake of the Budget.
Overall LV= posted a 10 per cent rise in life insurance sales, from £1.03bn to £1.14bn in the nine months to September.
Savings and investments – which are predominantly with-profits bonds – grew by 62 per cent to £112m, up from £69m in 2013.
Equity release sales were up 35 per cent to £84m from £62m, protection products grew by 16 per cent to £170m from £146m, and annuity sales increased by 6 per cent to £325m, from £307m.
LV= group chief executive Mike Rogers says despite lower margins post-Budget, drawdown products, equity release and the insurer’s one-year fixed-term annuity have been “particularly popular”.
He says: “In our life business sales are up £100m compared to this time last year and we have achieved over £400m of sales in just the last three months. Margins post-Budget are generally lower driven by the business mix in our retirement business, but these strong sales are a great achievement and testament to our customer-focused range of products.
He adds the boost in with-profits sales is “being driven by the pension marketplace changes now annuities are no longer compulsory. More retirees are shopping around for investment products with a level of guarantee which these products can offer.”