View more on these topics

LV= sees post-Budget with-profits boost

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.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm