The group’s results for 2015 showed that profit before tax also grew considerably to £124m, up from £37m a year earlier.
New business sales in protection were up 25% last year to £272m in 2015, which LV= described as ‘strong growth’ in an overall flat market.
Equity release and annuities saw a loss in new business sales, falling by 20% and 40% to £63m and £209m, respectively.
LV= said it had a positive outlook for its life and pensions business and planned to focus on growing the adoption of its Retirement Account, Pension Compass and robo-advice solution, Retirement Wizard. Further investment in technology is planned this year to make it easier for advisers and customers do business.
December storms led to higher claims within general insurance and saw LV= report a £19m operating loss in its broker business. It said poor weather conditions combined with a low interest rate environment meant its products remained under-priced with plans to increase product interest rates this year as a result.
Mike Rogers, LV= group chief executive, said: “The impact of government pension reforms continues to be felt in the retirement market where we’ve seen a marked change in buying behaviour with more pension savers shopping around for retirement income solutions. New business volumes have grown significantly and we continue to develop new products and services to position LV= at the forefront of the changing pensions environment.
“We retain our position as the leading provider of individual income protection and during 2015 entered the business protection market.”