LV= scored a profit in 2020 despite tough trading conditions, the pension and protection provider announced today.
New business sales were affected by tough trading conditions but it made an operating profit of £40m in 2020, up considerably from a £16m loss the year before.
LV= chief executive Mark Hartigan said: “Despite the unprecedented challenges presented by the pandemic, LV= has delivered a good financial performance in 2020.
“Through the year we have created significant momentum in our trading businesses and I am particularly pleased that we increased market share in both savings and retirement and protection.
“By taking quick and positive actions in response to Covid-19, as well as delivery of planned change initiatives, we continue to improve service for customers and have strengthened the propositions we offer the market.”