LV= first-half life sales up 9%

by Gill Montia

Story link: LV= first-half life sales up 9%

LV=’s life sales increased 9% during the six months to the end of June, to £69.3 million.

The mutual reported an 11% increase in retirement business, with annuity sales rising 14% and pension sales up 10%, while protection sales leapt 16%.

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

He adds: “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.”

According to Mr Rowney, life and protection business should be equally buoyant in the second half of 2011, as LV= continues to drive change in the market.

In related news, the mutual recently announced that it is in talks with Threadneedle Investments regarding outsourcing the management of its assets, in a move that would allow it to focus on the expansion of core trading lines.