Mortgage News
LV= equity release sales jump two-thirds
LV= has reported strong results for the first six months of 2010, with life sales up 40% on the same period last year.
Overall life sales rose to £63.5m (on an Annual Premium Equivalent (APE) basis) compared to £45.2m in H1 last year, with its retirement business up 36% to £48.3m and its protection and savings business up 55% to £15.2m.
This includes a 63% increase in equity release sales, which totalled £3.9m compared to £2.4m in H1 2009.
In addition, annuities grew 54% to £21.4m, pensions grew 20% £23.0m, protection rose 37% to £11.5m and savings and investments rose 164% to £3.7m.
LV=’s general insurance business also reported strong results, with its general insurance GWP (Gross Written Premiums) up 37% to £546.4m compared to £397.5m in H1 2009.
Richard Rowney, life managing director at LV=, said: “In the life business, all main products performed very strongly.
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“The legislation change moving the minimum retirement age from 50 to 55 also provided an uplift and profitability in the life business was also enhanced by improved cost control and by our development of new IFA accounts.”