Overall life sales saw an increase of 6% bringing LV’s sales to £1.51bn, providing the largest amount of the company’s revenue.
Richard Rowney, managing director for LV life and pensions, said: “Our protection sales of £217m are up 11% compared to 2013 as we continue to target market segments where we can clearly demonstrate value to our customers.
“In protection we aim to be a top five player competing on quality of proposition, while recognising the importance of price and we maintained our leading position as the first choice of advisors for protecting incomes.”
Myles Rix, managing director of Protection at LV, added: “We’ve seen sales up across a wide range of products. We’ve been particularly successful with our income protection policies, that’s obviously one of our areas of deep expertise.
“We’ve managed to enhance our core income protection products in 2014 and we also broadened our proposition with personal sick pay.”
Rix added: “Total growth is slightly suppressed by the decline in annuities and outside that we’re seeing growth in pensions, equity release and protection.”
In total there was an increase in sales of £80m for LV in 2014, an increase of 6%.
Most areas of LV’s business grew, although retirement saw a 1% decrease, with annuities falling 15%.
The biggest increase for LV was in its savings and investments business which saw a 66% increase to a total of £168m.
