New business protection product from LV= as profits rise

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LV= will launch a business protection product, the insurer has announced as it revealed profits rose across its life business in the first half of 2015.

Myles Rix, managing director of LV= Protection, said: "It's an area we've been looking at quite seriously, we do have a small participation in that market at the moment, but not in a very significant way.

"We think that what businesses need has moved on a little bit, we've therefore been working quite carefully on our overall proposition for business protection.

"We're looking at improvements to our products, we're looking at some new tools to support advisers, it's quite complex we think."

Rix also said that LV= would bring in a version of its risk reality calculator for business protection, as well as ones for trusts and tax.

LV= has been recruiting and training people to provide dedicated underwriting and service teams for dealing with business protection customers.

'Fallen through into profit'

Profits across the life business for the first half of 2015 were up to £12m, in the first half of 2014 LV= Life and Pensions saw a loss of £4m.

LV's protection sales rose 50% in the first half of 2015, with profits also rising in the division.

Rix added: "If you grow at the extent that we have grown and you're reasonably sensible with costs, we don't have to do any extreme cost cutting.

"We've just been sensible with our spending at a time when we've managed to be very successful with growth, that just naturally means we've fallen through into profit.

"We've not bought that growth by slashing margins to any extent."

Further reading:

L&G sees increase in Relevant Life Plan applications

LV= makes changes to adviser services

Business protection now available with Aviva

 

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