Lloyds Bank has reported an uptick in protection policies sold through its in-branch advisers following mortgage completions.
Overall, more than 20,000 families took out protection through the group’s direct channels in 2023, it added.
The bank, which is parent company of insurer Scottish Widows, credited the post-mortgage completion uptick to the introduction of special protection software for its mortgage journey.
It said the protection tool “allows for richer conversations with new customers, driving a five percentage point increase in branch take-up rates versus the prior year”.
The banking giant added that it had also seen “continued progress in our protection offering, integrating Cavendish Online and protecting over 20,000 families through the group’s direct channels”.
Scottish Widows protection director Rose St Louis said she was proud of the protection business’s role in helping deliver a strong set of results for the group and the effort the team put in every day for its customers.
“We’ve been working hard behind the scenes on making it easier for intermediaries to meet more of their clients’ needs and listening to feedback as we design new products and services,” she said.
“I’m looking forward to working with the team to make further progress this year.”
Profit up 41%
Overall Lloyds Banking Group saw its profit after tax rise 41% to £5.52bn in 2023, from £3.92bn in 2022, despite revenue for the year being up only 3% to £17.93bn from £17.47bn.
However, while costs rose by almost £900m the impairment charge fell by more than £1.2bn to £308m and volatility and other items dropped by almost £2bn.
The bank paid an additional £1.1bn of tax compared to 2022 – taking this to £1.99bn.
Lloyds Banking Group chief executive Charlie Nunn said it had delivered a robust financial performance, meeting 2023 guidance, “driven by income growth, cost discipline and strong asset quality”.
He said the year was a “critical year in building towards the ambitious strategy we announced two years ago, as we look to grow our business and deepen relationships with our customers.
“As demonstrated in our recent strategic seminars, we have made significant progress and are on track to meet our 2024 and 2026 strategic outcomes, helping us build towards higher and more sustainable returns.
“Our strategy is purpose-driven. Building a more sustainable and inclusive future is central to this, including our commitment to supporting the environmental transition, social housing and broader purpose-aligned objectives.
“We are excited about the opportunities that lie ahead as we continue to deliver for all of our stakeholders.”