LV= has seen a drop in life and pensions sales of 14% for the first half 2013 compared to last year.
The company said that the sales, down from £86m to £74.3m overall, reflect a challenging market and a focus on returns.
Retirement saw an 18% decrease from £66.7m in first-half 2012. This included a 27% increase in pensions from £26.4m to £33.5m, a 51% decrease in annuities from £36m to £17.6m and a decrease in equity release of 14% from £4.3m to £3.7m.
Protection decreased 9% from £16.1m to £14.7m.
LV= life managing director Richard Rowney said: "The market has been challenging in 2013 following the regulation changes at the end of last year.
"Against this backdrop, our protection business sales have performed well and our pensions, savings and investments have performed particularly strongly, with LV= bucking the general market trend.
"Within annuities we took a decision to focus on returns over sales and this is reflected in the results."
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