LV='s life and heritage business increased to £39 million overall, its trading statement for the first quarter ending 31 March 2014 has shown.
In the 3 months ending 31 March 2013, its life and heritage sales (Annual Premium Equivalent) had reached £35m.
Protection premiums remained unchanged at £7m, the same results as last year.
Meanwhile, the insurer's retirement business increased from £26m to £28m over the same period. In a statement the firm said it expected future sales to be impacted by the changes announced in the Budget, such as the scrapping of compulsory annuities.
Mike Rogers, group chief executive of LV= said: "In the first three months of the year our trading businesses have continued to perform well despite external events impacting both general insurance and life and pensions. Over the first quarter sales overall are up 11% in our life and pensions business."
He added: "In protection, we updated our market-leading critical illness policy to include an increase in the number of conditions covered to 64 and enhancements to existing cover. We continue to be the number one income protection provider of choice for advisers and we improved our policies to pay benefits based on the simple definition of being unable to perform the customers own occupation.
"I am confident that despite changeable market conditions, with our approach of offering good value products and excellent customer service, we are well placed for future growth in our chosen business lines."
