LV= announces increase in retirement business sales

Annuity business fared well in 2011, with an APE of £53.0m, a 20% increase from 2010 where new business levels hit £44.0m.The company says fixed term annuity take-up has increased by 49% year on year. John Perks, managing director of retirement solutions at LV= expects "further increases in [the annuity] marketplace, as more consumers are aware they can get better deals." He said the boost in annuity business was partly due to changing demographics as more people reached retirement. He believes there is more popularity around enhanced annuities as a result of PICA's lobbying for the o...