
Investment, protection, retirement and in-house advice specialist LV= announces its financial results for the year to 31 December 2024 and publishes its Annual Report (LV.com/annual-report).
Key financial and operational highlights:
- LV’s member-first philosophy delivers member bonuses of £29 million to 280,000 eligible members, totalling £414 million since 2011.
- A 57% increase in operating capital generation from LV’s trading businesses to £55 million (FY 2023: £35m).
- Continued robust capital position with a Capital Coverage Ratio (CCR) of 192%.
- Strong growth in Protection resulted in a year-on-year sales increase of 12% and Equity Release mortgage advances increased positively.
- Overall, new business sales on a Present Value of New Business Premiums (PVNBP) basis grew by 4% to £1,229 million (FY 2023: £1,187m).
- Strong returns generated across the Smoothed Managed Fund range, including a 12.5% return over 2024 on the Balanced Fund.
- A continued focus on cost efficiencies saw operating expenses reduce by 4% to £244 million (FY 2023: £255m).
- The expansion of LV= Platform Services increased adviser access to LV= Smoothed Managed Funds.
- Service enhancements saw improved customer and adviser experiences and feedback.
- External awards and accreditations recognised LV’s products, customer experience, delivery and culture.
David Hynam, LV= Chief Executive, said:
“As a mutual, members come first. Since 2011, we’ve shared a total of £414 million in member bonuses, of which £29 million will be distributed to 280,000 eligible members as a result of our 2024 results.
“Our results show that our focused business strategy is delivering and returning value for members. Our Capital Coverage Ratio of 192% and increase in operating capital generation of 57% to £55 million, underscores the financial strength of the business and highlights our robust capital position.
“I am also pleased to highlight a positive year in terms of driving down operating expenses by 4%. Members will appreciate that we are not only returning profits to them in the form of themember bonus, but we are also running the business efficiently on their behalf.
“Our financial performance is a result of our forward-looking strategic approach and points to the significant benefit of our diversified portfolio, which includes award-winning products, services and advice. We’ve seen positive sales growth across protection and equity release, and strong investment performance from our Smoothed Managed Fund range.
“The strength of the LV= brand continues, together with its recognition as one of the most recommended in the UK. Our focus is on its growth and the future success it presents for our members. We look forward to exploring further brand partnership opportunities at the end of the general insurance brand agreement with Allianz which commenced in 2017.
“We are well positioned to further enhance investment and financial performance. We remain steadfastly committed to doing the right things for our members, customers and advisers, and continuing to deliver for this and future generations to come.”