LV= has reported a loss of £202m after tax (on an IFRS basis) in 2008 compared to £50m profits in 2007.
However, there has been a turnaround for the group's operating profits which rose 128% to £62.8m, compared to a loss in 2006.
Gross premiums also increased over the year, up 38% to £917m (£665m in 2007).
Financial strength was retained with the group capital surplus standing at 2.1 times the level required, up from 1.8 times in 2007,
The group also highlighted the relative strength of its with-profits fund. It stated the average value of a maturing LV= 25 year with-profits policy fell only 1.2% year-on-year, despite a 32% fall in the FTSE All Share in 2008.
Meanwhile, the integration of the Retirement Solutions business, acquired from Swiss Re at the end of 2007, drove 83% growth in new business income for its Life business. Enhanced annuities showed particularly strong sales growth and significantly improved market share, according to the group.
LV='s asset management business also developed rapidly this year through product launches and third party mandate wins, including a £100m property mandate.
Mike Rogers, LV= group chief executive, comments: "Our focus on high quality, long-term investments has allowed us to maintain our relatively strong investment performance and financial strength, despite very volatile short-term markets.
"In particular we have had no direct exposure to failing Icelandic banks, nor to the sub-prime mortgage market.
"Trading has started well in 2009, with sales in the first two months strongly ahead of the same period last year, although investment markets remained volatile."
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Total of 72 accredited firms
23% fall since Q1
Achievements, charity work and other happy snippets
Including advice firm Chadkirk WM