Scottish Widows claimed a further increase in protection market share in the first half of the year, according to Lloyds Banking Group H1 2026 results.
The banking group said its insurer brand increased its protection market share to 10.4% in the first three months of the year, according to figures from the Association of British Insurers (ABI).
This was up from 7.8% across last year, which itself was up from 5.8% in September 2024.
The group attributed this growth to strong intermediary and direct channel performance.
Overall, life and pensions sales on a present value of new business premiums (PVNBP) basis dropped to £12.85bn from £13.07bn in the second half of last year, but was up from £7.97bn in the corresponding period of last year.
Lloyds attributed the 61% growth to a higher contribution from its workplace, protection, annuities and Scottish Widows Platform businesses.
The wider group delivered a post-tax profit of £3.1bn in the first half of the year, up from £2.54bn in H1 2025 and from £2.21bn in the same period of last year.
Increased market share
Scottish Widows protection director Kate Lyons said: “Protection has delivered a strong first half and increased market share, as we continue to invest in technology, innovation and service improvements that make it easier for advisers to do business with us and deliver better outcomes for their clients.
“There are still too many people without the protection they need, and too few who fully understand its value.
“By working closely with advisers and continuing to improve the experience we offer, we can help more people see the financial, practical and emotional difference the right protection can make.”
Chira Barua, chief executive of Scottish Widows, said: “We’ve delivered strong growth in the first half, with assets under administration reaching £303bn and strong demand from customers, employers and advisers.
“We’re focused on helping more people engage with their finances, from bringing pensions together and building savings to exploring investing for the first time. Alongside continued growth in our workplace pensions and protection businesses, our AI agent is broadening access to guidance, improving understanding and helping build confidence to achieve better financial outcomes.
“As customer needs continue to evolve, we’re well positioned to combine the scale of Lloyds Banking Group with leading pensions, wealth and insurance propositions.
“We’re also introducing Lloyds Wealth to Scottish Widows pension members, bringing more of our expertise together to people access guidance, advice and support.”