Scottish Widows’s protection division has seen new business applications more than double in the first six months of 2025 compared to the previous year.
The figures were included Scottish Widows’s parent Lloyds Banking Group’s 2025 half year results which also revealed the take-up rate of protection products as a percentage of mortgage completions at the bank increasing to 20%, up from 15.2% at the end of December 2024.
The results also revealed it had increased its protection market share to 7.5% and rank to 6th from 5.7% and 7th place a year previously, according to figures from the Association of British Insurers (ABI).
The insurer said this growth was supported by the successful launch of its refreshed independent financial adviser proposition, while new business applications were more than double the level of the previous year.
Rose St Louis, protection director at Scottish Widows (pictured), told Health & Protection: “I’m proud of our protection business’ contribution to the results, having increased our market share this year to 7.5% and up to 6th and new business applications more than double compared to the previous year.
“Our Cavendish team has also helped ensure that more of the group’s banking customers’ mortgages are protected.
“We’ve had superb feedback on our refreshed adviser proposition and dashboard and introduced new capability to make things slicker and easier, including AI to speed up underwriting and claims.
“Helping people build greater financial resilience remains right at the heart of our strategy and we’ve got lots more to be excited about in the second half of the year to continue supporting intermediaries and their clients to protect their loved ones.”
