LV= posts profitable protection business

50% increase in protection profits

Cameron Roberts
clock • 1 min read

Investment, protection and retirement specialist LV= announced its 2023 financial results, showing growth in protection profits of 50%, up to £30m.

Although showing an increase in profits, LV= showed that its new business sales were down from £410m in 2022, to £356m in 2023. COVER spoke to a representative of LV= who said the increase in trading profits within the protection business was "driven by existing business, as profits from new business was broadly flat compared to 2022." The underlying sales volume of protection grew in 2023, however the present value of new business premiums shrank due to increased interest rates impact the value of each product. David Hynam, chief executive, LV=, said: "Our performance allowed us t...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

The COVER Review: Acquisitions, healthcare and awards

The COVER Review: Acquisitions, healthcare and awards

Week commencing 30 June 2025

COVER
clock 04 July 2025 • 1 min read
Medicash sees 21% rise in premium income

Medicash sees 21% rise in premium income

Total number of policyholders up 9%

Jaskeet Briah
clock 03 July 2025 • 1 min read
HSBC Life UK to be acquired in £260m deal

HSBC Life UK to be acquired in £260m deal

Chesnara buys business

Jenna Brown
clock 03 July 2025 • 2 min read