LV= posts profitable protection business

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...