LV= saw new life and pensions sales grow in the first half of 2009 despite falling savings and protection business.
Total new business across Life and Pensions climbed 14% to £45.2m, buoyed by strong sales of retirement products.
Retirement sales hit £35.4m in the first six months of the year, compared with £28.8m in the same period of 2008, a rise of 23%. However, savings and protection business fell 10% to £9.8m.
LV= says it has implemented tight cost controls on its protection business in an effort to offset subdued market volumes.
LV Asset Management saw total assets remain steady at £7bn, and net fund inflows of £213m compared with the first half of 2008.
The firm's general insurance arm saw sales almost double, with new premiums up 92% to £397.5m.
Mike Rogers, group chief executive, says: "Despite a difficult environment, our focus on attractive markets and helping customers to look after what they love has served us well. As a consequence, trading in the first half of 2009 was strong, with both sales and operating profits well up on the previous year.
"Our retirement business continued to grow market share across the pension consolidation, enhanced annuity and equity release markets, although pension volumes were impacted by market volatility and proposed taxation changes."
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