LV= half year results

By Nia Williams

09 Sep 2009

Life and pensions total Annual Premium Equivalent (APE) was up 14% to £45.2 million (H1 2008: £39.7 million). This includes:

Retirement business APE £35.4 million (H1 2008: £28.8 million).
Savings & Protection APE £9.8 million (H1 2008: £10.9 million).

Overall insurance sales (Gross Written Premiums) up 92% to £397.5 million (H1 2008: £206.5 million), this includes:

New business GWP of general insurance products up by 61% to £106.9 million (H1 2008: £66.6 million) excluding Highway Insurance contribution (acquisition of Highway completed October 2008).
Direct business including aggregator increased to £61.3 million (H1 2008: £47.4 million).
Broker business up to £192.4 million (H1 2008: £19.2 million) and up 137% excluding Highway contribution.

Mike Rogers, LV= group chief executive, commented: "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.”