LV has reported a fall in its protection sales of 9%, according to its interim results for the half year to 30 June 2013.
Protection sales reached £14.7m APE, a decrease from H1 2012 where total sales reached £16.1m.
The insurer attributed the results to the industry-wide impact of the Gender Directive.
An LV= spokesperson said: "There was a surge in new applications in the run up to G-Day and we saw year-on-year increases of 177% for term assurance sales, 195% for critical illness sales and 210% for income protection sales.
"However, this resulted in depressed volumes in the market in the first half of 2013."
Overall life and pension business sales were down 14% to £74.3m (on an APE basis) from £86.0m in the first-half of 2012.
Group underlying operating profit decreased from £73.8m to £48.2m, and life underlying operating profit fell to £11.1m from £14.5m.
However, the group's pre-tax profit increased to £88.4m (H1 2012: £36.1m). The group also raised £350m of capital via a subordinated debt issue.
Mike Rogers, group chief executive at LV= said this "strengthened our balance sheet significantly to support planned profitable growth in our core business lines."
He added: "We are pleased with the resilient results achieved in the first half of the year with pre-tax profit increasing despite the challenging competitive market."
