FINANCIAL AND INVESTOR INFORMATION

Hello and welcome to our mid-year trading update.

I’m Stephen Percival, Chief Financial Officer, and I’ll be taking you through an update of our progress and performance over the first half of the year.

[Slide 1: Strong Strategic Progress]

I'll start with developments across the business.

During the period, we announced a new brand partnership with Allianz, an important milestone that reflects the strength of LV's reputation and our ability to work alongside leading organisations.

We reduced our subordinated debt by £50 million, resulting in an upgrade to BBB+ for LV’s S&P credit rating. This reflects the improvements we have made in financial strength, performance and overall resilience.

We also received significant external recognition.

Forbes ranked LV= as the number one life insurance company in the UK. We were named Best Income Protection Provider by LifeSearch and shortlisted for the Money Marketing Best Retirement Provider award.

These achievements are pleasing in their own right, but more importantly they demonstrate the value of the propositions we deliver to customers, advisers and our partners.

Turning to trading performance, overall new business remained resilient.

Present Value of New Business Premiums increased from around £580 million in the first half of 2025 to approximately £587 million  during the same period this year.

Against a backdrop of ongoing market uncertainty and intense competition, maintaining broadly stable volumes represents a solid outcome.

Looking across individual product lines, performance was mixed.

Protection volumes were lower than the very strong levels achieved in recent years. However, this was offset by growth across other areas of the business.

Annuities continued to perform well, supported by customer demand for guaranteed retirement income.

Pension sales increased strongly, demonstrating the appeal of our retirement proposition and platform.

Smoothed Managed Funds also grew, while Equity Release remained broadly consistent with prior-year levels, interest rates being a key factor in that market.

Taken together, this once again shows the benefits of our diversified business model. We continue to generate value from our broad range of propositions serving different customer needs and remain focused on sustainable, profitable growth.

[Slide 2: Solvency Position]

Turning now to financial strength and balance sheet management.

At the end of June, our Capital Coverage Ratio stood at 188%. This remains comfortably within our target operating range of 160% to 200% and well above our minimum risk appetite threshold of 140%.

While the ratio has reduced since year-end 2025, the drivers behind that movement were expected.

The first factor relates to a technical change in the treatment of Commercial Mortgage Loans within the Solvency Capital Requirement calculation. This reduced the coverage ratio by around 10%.

The second factor was execution of our debt strategy.

During the period, we completed a new £150 million subordinated note issue and subsequently redeemed our existing £200 million of debt, originally issued in 2013. This reduced outstanding borrowing by £50 million and lowered the coverage ratio by approximately 19%.

These impacts were partly offset by positive contributions from trading activity, management actions and economic experience, which added around 15%.

As a result of the refinancing and redemption activity, leverage has fallen to 21.5% of own funds. In addition, there is no capital tiering restriction in place at the half year, delivering a much more efficient capital structure.

This represents meaningful progress in enhancing financial resilience while maintaining financial strength.

We were also pleased to see this progress recognised externally through the S&P rating upgrade to BBB+.

[Closing]

To conclude, the first half of 2026 has been characterised by consistent execution against our strategic objectives with significant developments and continued financial strength.

As this is the first time we have produced a half-year investor update, we hope you find the additional insight useful.

We remain committed to frequent engagement with the investor community and look forward to continuing that dialogue.

Thank you for your time, your interest in LV= and your continued support.