LV= outperforms sales targets after redecorating C-suite
LV=, one of the UK’s largest insurance companies, outperformed its sales and profit targets last year, after redecorating its C-suite.
The London-listed insurance and pensions giant enjoyed a more than 200 per cent jump in trading profit, which soared around £20m over 2021.
However, the group swallowed a more than 20 per cent loss in operating profit, which dwindled from £40m in 2020 to £31m last year.
LV=, also known as Liverpool Victoria, put the lower figure down to £30m worth of investments, a £24m hit in debt interest, £21m in strategic review costs and another £15m spent on other restructuring and one-off expenses.
LV=, which recently underwent a high-profile but failed merger with Royal London and Bain Capital, has appointed a new chief financial officer, chief operating officer and chief risk officer in the year to 31 December.
Sales soared 23 per cent to £1.59bn, around £30bn more than in 2020.
While new business sales on a present value of new business premiums bases have soared by nearly £300m, with increases in both its savings and retirement and protection segments.
Chief executive of the Dorset-headquartered group, Mark Hartigan said: “I am pleased that we have been able to share £38m with our with-profits members through a mutual bonus of £28m and an exit bonus of £10m introduced following the sale of the general insurance business.
“We have refocused the business to serve mass affluent customers providing financial resilience for families.
“The proposed transaction with Bain Capital was put to a member vote at a Special General Meeting in December 2021 but was not approved by members. Since the vote we have listened to our members. It’s clear they value stability and security for their policies above all else and are supportive of an independent future for LV=.”