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Catch up with the latest press releases from LV=

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LV= announces strong life sales performance in first half of 2011

Press release: 02/08/2011

LV= announces its half year 2011 life sales results

Life sales up 9% to £69.3m on an APE basis (H1 2010: £63.5m). This includes:

  • Retirement business 11% increase with APE £53.5m (H1 2010: £48.3m).

  • Protection business 16% increase with APE £13.4m (H1 2010: £11.5m).

Highlights of performance by product include:

  • Annuities *14% increase with APE £24.3m (H1 2010: £21.4m).

  • Pensions: 10% increase with APE £25.2m (H1 2010: £23.0m).

  • Protection: 16% increase with APE £13.4m (H1 2010: £11.5m).

  • Equity Release: 2% increase with APE £4.0m (H1 2010: £3.9m).

* Annuities includes enhanced, with-profits and ‘fixed term annuity’ protected retirement plan


Excellent customer service a priority

Providing an excellent level of customer service continues to be a priority for LV=. Customer satisfaction remains consistently strong across the life business, at 84% for retirement, 84% for protection sold through IFAs and 89% for protection sold directly.

Richard Rowney, LV= life managing director, said: “LV='s life business has had a strong start to 2011, driven by our reputation for quality products, competitive pricing and improved awareness.

“The legislation change removing compulsory annuity purchase at age 75 provided an opportunity for LV= to showcase its flexibility and commitment to IFAs and their clients. Profitability in the life business was also enhanced by disciplined cost control and through our development of new IFA accounts. Our strategy to focus on areas of expertise in selected risk based products continues to differentiate us in an increasingly competitive market.

“We have solidly increased market share in both our retirement solutions and protection business so far in 2011, and we expect the next six months will be equally as successful. LV= is one of only a few providers leading the charge in markets such as flexible drawdown and fixed term annuities, and we think the industry will see an increasing demand for more flexible solutions such as these over the coming months, and years. Equally in the protection market, LV= has a strong solution for mortgage brokers and IFAs struggling with the new competition commission ruling, in the form of our long-term mortgage and lifestyle protection product launched last year.”



APE = Annual Premium Equivalent

This is a measure comprising new regular premium sales plus 10 per cent of single premiums.
Customer satisfaction is measured by The Leadership Factor, an independent benchmarking agency.

LV=

LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.

LV= employs around 4,500 people, serves over four million customers and members, and manages around £8.0bn (as at 31 December 2010) on their behalf, via LV= Asset Management (LVAM). We are also the UK's largest friendly society and a leading mutual financial services provider. www.LVAM.co.uk.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

LV= announces its half year 2011 life sales results

Life sales up 9% to £69.3m on an APE basis (H1 2010: £63.5m). This includes:

  • Retirement business 11% increase with APE £53.5m (H1 2010: £48.3m).

  • Protection business 16% increase with APE £13.4m (H1 2010: £11.5m).

Highlights of performance by product include:

  • Annuities *14% increase with APE £24.3m (H1 2010: £21.4m).

  • Pensions: 10% increase with APE £25.2m (H1 2010: £23.0m).

  • Protection: 16% increase with APE £13.4m (H1 2010: £11.5m).

  • Equity Release: 2% increase with APE £4.0m (H1 2010: £3.9m).

* Annuities includes enhanced, with-profits and ‘fixed term annuity’ protected retirement plan


Excellent customer service a priority

Providing an excellent level of customer service continues to be a priority for LV=. Customer satisfaction remains consistently strong across the life business, at 84% for retirement, 84% for protection sold through IFAs and 89% for protection sold directly.

Richard Rowney, LV= life managing director, said: “LV='s life business has had a strong start to 2011, driven by our reputation for quality products, competitive pricing and improved awareness.

“The legislation change removing compulsory annuity purchase at age 75 provided an opportunity for LV= to showcase its flexibility and commitment to IFAs and their clients. Profitability in the life business was also enhanced by disciplined cost control and through our development of new IFA accounts. Our strategy to focus on areas of expertise in selected risk based products continues to differentiate us in an increasingly competitive market.

“We have solidly increased market share in both our retirement solutions and protection business so far in 2011, and we expect the next six months will be equally as successful. LV= is one of only a few providers leading the charge in markets such as flexible drawdown and fixed term annuities, and we think the industry will see an increasing demand for more flexible solutions such as these over the coming months, and years. Equally in the protection market, LV= has a strong solution for mortgage brokers and IFAs struggling with the new competition commission ruling, in the form of our long-term mortgage and lifestyle protection product launched last year.”



APE = Annual Premium Equivalent

This is a measure comprising new regular premium sales plus 10 per cent of single premiums.
Customer satisfaction is measured by The Leadership Factor, an independent benchmarking agency.

LV=

LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.

LV= employs around 4,500 people, serves over four million customers and members, and manages around £8.0bn (as at 31 December 2010) on their behalf, via LV= Asset Management (LVAM). We are also the UK's largest friendly society and a leading mutual financial services provider. www.LVAM.co.uk.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.