Equity release sales up 23% at LV=

Mutual insurance, retirement and investment group LV= has announced a strong performance in 2010, with its life business sales and trading profits significantly up on 2009.

The company has recorded a trading profit of £34.7 million, up 57% compared with £22.1 million in 2009. Sales were up 34% to £124 million compared with £92.2 million the previous year.

Retirement business saw a 35% growth in sales at £94.6 million, up from £70 million in 2009. Equity release sales grew 23% to £9 million from £7.3 million, while annuities sales grew 76% to £44 million from £25 million and pensions sales rose 10% to £41.6 million from £37.7 million.

LV=’s protection and savings business was up 32% at £29.4 million compared with £22.2 million in 2009.

Richard Rowney, LV= life and pensions managing director, said: “Sales are up across the board on pensions, annuities, protection and equity release in 2010 and we have seen a 57% increase in the division’s profit.”

He added: “Our strong performance in 2010 was also driven by competitive pricing, improved awareness and penetration, and a strong reputation for quality products.”