LV= protection sales up 11%

clock

LV= has announced its protection sales in 2014 were worth £217m, an 11% increase on 2013.

Overall life sales saw an increase of 6%, bringing LV='s sales to £1.51bn, providing the largest amount of the company's revenue.

Richard Rowney, managing director for LV= life and pensions, said: "Our protection sales of £217 million are up 11% compared to 2013 as we continue to target market segments where we can clearly demonstrate value to our customers.

"In protection we aim to be a top five player competing on quality of proposition, while recognising the importance of price and we maintained our leading position as the first choice of advisors for protecting incomes."

Myles Rix, managing director of Protection at LV=, added: "We've seen sales up across a wide range of products. We've been particularly successful with our income protection policies, that's obviously one of our areas of deep expertise.

"We've managed to enhance our core income protection products in 2014 and we also broadened our proposition with personal sick pay."

Rix added: "Total growth is slightly suppressed by the decline in annuities, and outside that we're seeing growth in pensions, equity release and protection."

In total there was an increase in sales of £80m for LV= in 2014, an increase of 6%.

Most areas of LV='s business grew, although retirement saw a 1% decrease, with annuities falling 15%.

The biggest increase for LV= was in its savings & investments business which saw a 66% increase to a total of £168m.

More on Insurer

LifeSearch Protection Awards 2024: Winners revealed

LifeSearch Protection Awards 2024: Winners revealed

21st awards ceremony

COVER
clock 17 April 2024 • 2 min read
L&C Mortgages appoints new CEO

L&C Mortgages appoints new CEO

Mark Harrington appointed

Cameron Roberts
clock 17 April 2024 • 1 min read
Customer Care Awards 2024: shortlist announced

Customer Care Awards 2024: shortlist announced

Rewarding provider excellence

COVER
clock 17 April 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read