INSURER LV has announced sales of £1.14bn in its life business during the first nine months of 2014, up from £1.03bn last year.
On the general insurance side of the company, gross written premiums (GWP) fell from £1.13bn to £1.08bn, despite the number of in-force policies growing from 4.4m to 4.5m. This was largely due to the impact of LV’s motor business, which saw GWP fall by almost £100m from £835m to £743m.
Mike Rogers, LV group chief executive, said: “We have chosen not to take on unprofitable business in motor and to retain strong underwriting discipline. We do not believe current prices are sustainable, however there have been some limited signs of upwards movement in prices recently.”
He added: “Entering the last quarter of the year overall I am pleased with our progress in both business areas.”