LV= protection sales fell by 17.7% in the first half of 2026 compared to the same period in 2025.
In present value of new business premiums (PVNBP) terms, protection sales dropped by £40m to £186m from £226m a year earlier.
However, the insurer noted other areas of its business improved meaning overall sales were only down by £7m to £580m from £587m.
In total over 2025, LV= reported protection sales growth of 8% in PVNBP terms, with £430m for the year, up from £398m in 2024.
First interim results
This is the first time the insurer has released a mid-year update of its performance.
Presenting the results, LV= CFO Stephen Percival was largely content with the figures.
“Against a backdrop of ongoing market uncertainty and intense competition, maintaining broadly stable volumes represents a solid outcome,” he said.
“Protection volumes were lower than the very strong levels in recent years. However, this was offset by growth across other areas of the business.”
He added that taken together, this showed the benefits of the mutual’s diversified business model.
“We continue to generate value from our broad range of propositions, serving different customer needs and remain focused on sustainable, profitable growth,” Percival said.
At the end of June, the capital coverage ratio stood at 188% – within the operating range of 160% to 200% – although this was down from 202% due to debt reduction and other moves.
“The first half of 2026 has been characterised by steady execution against our strategic objectives with significant developments and continued financial strength,” Percival added.
