Protection business for the company was up 18% on last year to £28.0m
The insurance, investment and retirement provider also reported it had created 125 new jobs last year.
Richard Rowney, life and pensions managing director at LV=, said: “2011 was another very successful year for LV=’s life and pensions business, despite a challenging economic backdrop and the preparations we’ve needed to make for significant regulatory changes.
“We have continued to deliver on what advisers and customers tell us they want, which has enabled us to increase sales and gain market share across our retirement and protection business.
“Our continued strong performance was also driven by a combination of competitive pricing and a reputation for quality products and service.”
Income protection sales at LV= increased by 34% to an annual premium equivalent of £5.8m.
Critical Illness sales also increased 52% on an annual premium equivalent basis to £6.1m.
Rowney added: “In the protection market we have maintained our position as the market leader in advised income protection and we have a strong solution for mortgage advisers and IFAs post the mortgage payment protection insurance competition commission ruling on 6 April, in the form of our long-term mortgage and lifestyle protection product. We are also revitalising our critical illness product in the coming weeks to put it at the top of the market.
“Our strategy to focus on areas of expertise in selected risk-based products continues to differentiate us in an increasingly competitive market.”
LV= Group’s underlying profit was up 10% in 2011 to £99.4m however its operating profit sustained a £10.4m loss, down 26% from the previous year.
Mike Rogers, chief executive of LV= Group, said: “LV= performed well in 2011 with underlying profits up. The final result shows the impact of turbulent investment markets and reserve strengthening, however despite this we were able to continue to deliver strong returns to our members.
“I am delighted to additionally confirm a mutual bonus of £18.6m for with-profit members representing an increase of 1% to the value of their policies.
“We believe 2012 will be a year of steady growth for LV=. We are now well established in our chosen markets and we plan to build on this over the coming years.”
