Underlying operating profit is up 7% to £26.3 million (2011: £24.5 million) and sales are up 15% at £156.6 million on an APE basis (2011: £136.2 million)
Retirement and protection businesses both saw a 15% growth in sales with APE of £124.4 million (2011: £108.2 million) and £32.2 million (2011: £28.0 million) respectively.
Richard Rowney, LV= life and pensions managing director, said: “2012 was another very successful year for LV=’s life and pensions business, as we increased sales across our key business areas. As well as growth in underlying profit, an £89 million year-on-year improvement in short-term investment fluctuations contributed significantly to the overall growth in group profits before tax for the year.
“Our strategy of remaining focused on market segments with good growth potential, where we have considerable expertise, continues to differentiate us in an increasingly competitive industry.”
LV= maintained strong market positions in 2012.
Rowney added: “Our focus in 2013 remains unaltered. We want to be the UK’s leading retirement and protection specialist, through being in profitable, fast growth markets where we have relative scale. We plan to maintain our growth with the launch of new propositions in the protection and retirement markets. We are also continuing to invest heavily in the training and development of our people, to ensure we can provide outstanding service to advisers and customers.”
Mike Rogers, LV= group chief executive, said: “In a challenging year LV= has been able to deliver record profits. Despite the uncertain outlook for the UK economy, we are confident that our successful business model and strong competitive position leaves us well placed for continued growth in 2013.”