LV= retirement and protection business grows 15%

Equity release sales post increase

Helen Morrissey
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LV= retirement and protection businesses both achieved 15% growth in 2012 according to its latest results.

Retirement business had an annual premium equivalent (APE) of £124.4m in 2012 up from £108.2m in 2011. Protection business stood at an APE of 32.2m up from 28m in 2011.

LV='s equity release business also saw growth of 5% with APE £8.9m up from £8.5m.

These figures contributed to an overall underlying operating profit for life and pensions business of 26.3m, up 7% from 2011.

LV= life and pensions managing director Richard Rowney said this was the fifth consecutive year of growth in its life and pension business and confirmation the business was following the correct strategy.

"The growth we have seen in our retirement and protection business shows our strategy is the right one," he said. "We are focused on those segments of the market we believe can generate growth and are profitable. We have invested in our proposition and focused on providing a good level of service to our IFAs. We will continue to do this in future."

Overall LV= pension business saw a 19% increase in 2012 with APE of 55.6m compared to 46.7m in 2011. Annuity business grew by 13% with APE of £59.9m in 2012 compared with £53m in the previous year. 

LV= managing director of retirement solutions, John Perks said: ""The retirement market is vibrant and we realise clients don't want to be hard sold one particular product.

"We need to be able to offer them a range of products to meet their needs. We will continue to invest more in our distribution teams to widen access to our expertise."

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