Scottish Widows has seen new protection business rise 50% year-on-year and an increase in market share, according to its half-year 2022 results.
The results reveal the insurer saw new protection business grow from £14m in the first six months of 2021 to £21m in the corresponding period this year.
As a result, combined with a £1m increase in existing business income, the firm’s protection income increase to £32m in H1 2022 from £24m in the same period last year.
The insurer, which is owned by Lloyds Banking Group, said it had seen a 1.5 percentage point year-on-year growth in its protection market share which was progress towards its goal of being a top three protection provider by 2025.
It also highlighted the agreement to acquire protection adviser Cavendish Online for £12m as another step in this path.
LBG income up, profits down
Across the Lloyds Banking Group, the business posted net income £8.45bn in H1 2022, up from £7.56bn in the corresponding period of last year, with underlying profit of £3.74bn, down from £3.82bn and statutory profit after tax of £2.82bn, down from £3.86bn over the same period.
The group also incurred total costs of £4.32bn for the first half of the year – down from £4.47bn in H1 2021.
Charlie Nunn, group chief executive at Lloyds Banking, said: “In February we announced an ambitious strategy to transform our business, generate a stronger growth trajectory and enable the group to deliver higher, more sustainable returns.
“While the world has changed significantly since February, our strategic focus remains clear and disciplined. Our strong financial performance demonstrates the resilience of our business model and customer relationships, and has enabled us to enhance guidance for 2022.
“Just as we remain well placed to withstand the current macroeconomic uncertainty and continue to generate significant capital for our shareholders, so too do we remain committed to maintaining the support we give to our customers every day as they adapt to the challenges they face.”
