Insurance company LV has reported in the six months to 30 June pre-tax profits of £35m up by 191% compared to £12m for the same period in 2018.
LV’s life and pensions division saw “tough trading conditions” for 2019, sales slide by 26.8% to £710m compared to £970m the previous year for the same period.
The savings and retirement sector saw sales plunge by 31.5% to £560m due to the continued decline in the pensions market.
The half year figures come after LV are to sell their remaining shares to LV General Insurance company to Allianz for £365m.
Richard Rowney, LV Group chief executive said, “2019 is an important year in the evolution of LV as we establish the foundations from which to build a better mutual for the future.
“One of the foundations of our success over the years has been the strength of the LV brand and this remains in good health.
“By the end of 2019 we will have completed our transition to a pure life and pensions provider with a clear focus on the low risk, advice led, mass affluent market.
“We look to the future with confidence as we build momentum across savings and retirement, and protection while continuing to provide a good service to our heritage customers.”