LV= has reported a dip in its protection sales in the first nine months of this year, but has said sales have been resilient across the group despite tough market conditions.
The insurer’s trading statement from 1 Jan to 30 Sept 2013 revealed a 7% decrease in life and pensions business on an APE basis overall.
Sales had reached £117m, a fall from £126m in the nine months ending 30 September 2012.
Protection sales totalled £22m, a slight decrease from £24m during the same period last year, which the insurer attributed to regulatory changes.
Mike Rogers, group chief executive at LV= said: “Despite tough market conditions across the board, sales have been resilient in the first nine months of 2013.
“Within our life business, we expect to report an improved underlying operating profit at year-end compared to last year’s results.
“In protection, we are pleased with our performance, because the market has been adversely affected by tax changes and gender rules. We continue to be the number one income protection provider of choice for IFAs and in June we launched a new sick pay insurance product and early signs confirm that this product appeals to those who would not have previously considered protecting their income.”
“As we continue to build a compelling business with excellent long-term prospects, I am confident that we will continue to deliver good returns for our members over the full year.”