LV= has revealed strong protection new business figures for the first half of the year.
Its sales grew 37% over the first six months of 2010 to £11.5m (on APE basis) from £8.4m during the same period last year.
And the provider highlighted the sector, saying: "The results further consolidate already strong and growing market shares in our retirement solutions and specialist protection businesses."
Overall, life sales increased 40% to £63.5m, from £45.2m in the first half of 2009, including: pensions up 20%; annuities (enhanced, with profit and protected retirement plan) up 54%; equity release up 63%; and savings and investments up 164%.
Richard Rowney, managing director of life at LV=, is pleased with the results and revealed that the provider is setting the protection market in its sights for further growth.
"I'm very pleased on a number of fronts with strong sales momentum behind us and projections that to go on into the second half with even further increases," he says.
"In protection we can say a number of our competitors are consolidating, exiting, putting their businesses up for sale or deciding their capital could be better deployed elsewhere.
"We don't have those distractions and our board is fully committed to growing in the protection market quite aggressively despite the capital implications of that," he adds.
