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LV= announces 2012 protection claims figures

Press release: 17/04/2013

Protection specialist LV= paid out 95% of underwritten protection claims in 2012. This includes 99% of life cover claims, 91% of critical illness claims, 88% of income protection claims, and 98% of unemployment claims.

The most common claims paid under critical illness were for cancer (65%) and heart attack or heart related conditions (18%). For income protection the greatest number of claims were for musculoskeletal conditions (20%) and mental illness (19%). More than two thirds (70%) of all claimants were under the age of 55 at the time of claim.

Mark Jones, LV= Head of Protection said: “Protection claims statistics continue to be strong across the industry, and highlight that the overwhelming majority of claims are paid. We paid out almost £50 million in protection claims to our customers during 2012, offering an invaluable benefit to people at an extremely difficult time.”

Notes to editors

LV = reports claims statistics for all underwritten protection business.

About LV=

LV = employs 5500 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 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

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