LV= has posted an 8% rise in protection sales during 2025.
This gave the mutual its highest ever market share of 8.4%, based on figures for the first nine months of the year.
New business sales of products including income protection and critical illness totalled £430m for the year, up from £398m in 2024.
However, the rate of growth eased from the 12% reported in 2024, a sign of rising competition.
The protection operation helped the wider group to new business sales on a present value of new business premiums (PVNBP) basis of £1.232bn, slightly higher than the £1.229bn reported 12 months earlier.
This growth was achieved despite a lower contribution from the savings and retirement business at £802m, down from £831m a year earlier.
During 2025 LV= paid £151m to its protection policyholders, settling 95% of all claims.
In the wider group, profit before tax was £63m, but after £100m in bonuses were paid to members, the mutual lost £37m. In 2024, profit before tax stood at £51m.
The mutual was loss-making despite cutting £8m from group expenses in 12 months to £145m.
David Hynam, chief executive of LV= (pictured), said: “Our results reflect our clear strategy, steady execution and a team focused on always doing the right thing for members, customers and advisers.
“Despite increasingly competitive markets, we’ve delivered improved new business sales across protection and equity release, with both reaching new market share highs of 8.4% and 6.9% respectively, as well as seeing increases in sales of our Smoothed Managed Fund range.
“This performance reflects the strength of our propositions and our continued focus on meeting our customers’ needs.
“Looking ahead, we remain focused on long-term member value and the financial strength of the business.
“We will continue to invest where it matters, maintain strong capital discipline and do the right thing for our members today and for generations to come.”