Mutual life and investment group LV= has reported a drop in sales of 14% for the first half of the year, despite seeing a hike in group pre-tax profit of 144%.
LV= sales in the life business were down 14% to £74.3m (on an APE basis) from £86.0m in first-half 2012. It also saw group underlying operating profit decrease from £73.8m to £48.2m, and life underlying operating profit drop to £11.1m from £14.5m. In a statement, it said that new business sales and underlying operating profit were affected by the Retail Distribution Review and the Gender Directive. In annuities, sales fell by 51% -the company said it focused on returns rather than market share. Despite this, the group saw pre-tax profit increase of 144% from £36.1m in half-year 2012 ...
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