Insurance mutual LV= has said its diversified business model helped it return to profit over the last financial year.
The Bournemouth-headquartered insurance and retirement specialist reported profit before tax of £107m for the year ending December 31, 2023 - up from a £145m loss before tax the year previously. Operating profit was also up at £43m from £24m in 2022.
LV= paid out £30m in member bonuses over the year, it said, while operational costs remained flat despite inflationary pressures.
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David Hynam, LV= chief executive, said: “Thanks to our robust business model and focused strategy, LV= has been profitable despite 2023’s many external headwinds including high inflation, rising interest rates and low growth."
Mr Hynam said the outlook for LV= was positive. He added: "The business’s foundations are strong. We have continued to evolve and develop the business in line with our strengths and core values, and I am pleased to say that our diversified business model meant we outperformed in sales across our protection products and annuities."
Last year, LV= also appointed Stephen Percival as chief financial officer and selected BlackRock as a new primary asset manager.
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