According to the mutual’s trading statement, overall life sales, which incorporate retirement, protection and savings and investments, stood at £1.14bn for the nine months to the end of September this year. This compared to £1.03bn for the same period in 2013.
Equity release, part of LV=s retirement portfolio, was up £12m on the same period last year at £84m to the end of September, compared with £62m to September 2013.
Mike Rogers, CEO of LV= Group, said: “Within retirement, sales are good across the board, with our drawdown products, equity release, and our one-year fixed term annuity, which we launched in April, proving particularly popular following the changes announced to the retirement landscape in March.”
Protection sales were up £24m for the nine months to 30 September 2014, compared to the same period the previous year. They stood at £170m compared to £146m, mainly off the back of a surge in income protection sales.
Rogers said: “Looking at protection, the last quarter has seen good sales and we are now up £24m compared to this time last year.
“Given sales were relatively comparable to 2013 three months ago I am particularly pleased with our performance in this last quarter. The increase includes strong sales our of new income protection product.”
He added: “I believe our focus on being easy to do business with, caring for our customers, and offering good value products means we are well placed to deliver satisfactory results at year-end.”
