LV=’s protection sales Q3 trading statement has shown protection across the board up 15 per cent
LV= has published its third quarter statement showing results for the nine month period from 1 January to 30 September 2014 revealed protection sales totalled £170m compared to £146m during the same period in 2013.
The insurers life business which provides protection insurance, including life, critical illness and income protection, along with pensions, savings and investments has seen sales top £400 million in the last three months. Sales in LV=’s life business has now increased by £100 million to £1.4 billion compared to the previous year.
The growth in new business saw the insurer take the accolade of overtaking general Insurance (GI) sales (£1.08 billion) for the first time.
Richard Rowney managing director of the life and pensions business at LV= said: “We’re happy with the quarter we’ve had in protection sales – they have increased by over 16%, across the piece.
“We’re seeing that growth in all our products but the main focus for us in this quarter has been on income protection. We’ve had proposition changes and opened up relationships with new distributors off the back of those new propositions.
“We’ve always been trying to do a strategic shift in making sure we’re not just seen as a GI player. We want to present ourselves as a well-balanced growing business. This is just a continuation of the strategy, it’s not a conscious choice, it’s just a reflection of where we are in the market.”