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LV= announces life sales performance in first half of 2013

Press release: 29/07/2013

LV= announces its half year 2013 life sales results

Life and pensions sales decreased 14% to £74.3m on an APE basis (H1 2012: £86.0m) reflecting a challenging market and a focus on returns. This includes:

  • Retirement 18% decrease with APE £54.8m (H1 2012: £66.7m) made up of
  • Pensions: 27% increase with APE £33.5m (H1 2012: £26.4m)
  • Annuities:* 51% decrease with APE £17.6m (H1 2012: £36.0m)
  • Equity release: 14% decrease with APE £3.7m (H1 2012: £4.3m)
  • Protection 9% decrease with APE £14.7m (H1 2012: £16.1m)
  • Savings and Investments 50% increase with APE £4.8m (H1 2012: £3.2m)

    Richard Rowney, LV= Life Managing Director, said: “The market has been challenging in 2013 following the regulation changes at the end of last year. Against this backdrop our protection business sales have performed well and our pensions, savings and investments have performed particularly strongly, with LV= bucking the general market trend. Within annuities we took a decision to focus on returns over sales and this is reflected in the results.

    “Our focus on providing an excellent service to our customers continued in 2013 and as a result we won industry recognition with awards for best life insurer and best online service provider.

    “During the half year, we also developed and launched new products. Our innovative Sick Pay insurance, a simplified income protection product, is the first of its kind on the market and has been very well received. It has been designed to appeal to customers that traditionally wouldn’t have purchased protection and we believe it will help us expand into a new customer area. We additionally made some enhancements to our critical illness policy during the half year to make it the most comprehensive plan in the market.

    “Looking ahead to the second half of the year I am confident of delivering good returns for our members despite a challenging outlook for the market as a whole in the short-term.”

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

APE = Annual Premium Equivalent
This is a measure comprising new regular premium sales plus 10 per cent of single premiums.
LV= employs over 5700 people and serves over five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.
LVFS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.