On 29 March we announced our financial results for 2021
We're pleased to share the news that we have outperformed both our new business volumes and profitability targets, and seen significant growth in sales and trading profit.
Sales of investments, equity release and protection products have increased significantly. We've created significant momentum in the business, introducing new products, and increasing our market share. And we've also repositioned our business to target customers where our brand and core products are most competitive.
Watch a short film where our interim chair, Seamus Creedon talks about our financial results and LV='s future
View video transcript
Hi, I’m Seamus Creedon. I’ve recently been appointed interim chair of LV=. 2021 was a critical milestone for LV=. Two years ago, against the backdrop of the global pandemic and significant uncertainty, LV= was losing market share.
The most important highlight revealed in the 2021 financial results is that our transformation plan, aimed at refocusing our business strategy and making LV= more sustainable, is now bearing fruit.
To point to just a few of the highlights: We have outperformed our sales and profitability targets. We have successfully repositioned the business to target customers where the LV= brand and products are most competitive.
We have been able to share £38 million of bonuses with our eligible members during the year. As a result, as we start 2022, LV= is well capitalised and can now look forward with confidence to a sustainable future as part of a vibrant mutual sector.
Why are you excited about LV=’s future?
LV= is a much loved brand with a strong heritage built over the last 179 years. Our strategic refocusing of the business means we can continue to build on this heritage, and look to the future with confidence.
Instead of going after mass market, where the only thing that matters is scale, we are focusing instead on targeted, under-served markets, such as: helping families to build financial resilience with Income and Critical Illness protection; Offering low volatility investment solutions to support people saving for and using in their retirement, and helping people to access housing wealth in retirement.
The way that LV= has refocused its business over the past two years means we can continue to provide people with the stability, sense of security and great value that LV= has always stood for.
LV= is a great business. Our members are proud of it. Our staff are proud of it, and I’m really proud to be part of it. Together, we’re determined to build a successful future for today’s members and for the generations to come.
Check out some key extracts from the 2021 Annual Report