Scottish Widows claimed an increased protection market share in 2025, according to Lloyds Banking Group annual results.
The banking group said its insurer brand increased its protection market share to 7.8% across last year, up from 5.8% in September 2024, according to figures from the Association of British Insurers (ABI).
It said this was following its relaunched adviser proposition in 2024 and noted new business IFA applications were more than double those in 2024.
The parent company of Scottish Widows also cited a 5% higher take-up among its mortgage customers, to stands at 20% in 2025, up from 15% in 2024.
Sales up
Overall, life and pensions sales on a present value of new business premiums (PVNBP) basis were up 15% to hit £21bn from £18.25bn in 2024.
This was driven by higher contributions from workplace, protection and Scottish Widows Platform businesses, but partially offset by lower sales in the annuities business due to market conditions, the bank said.
The banking group reported a post-tax profit of £4.76bn up 6% from £4.48bn in 2024.
Chira Barua, chief executive of Scottish Widows and Lloyds’ insurance, pensions and investment business, said: “Our strong results are a clear sign of the momentum driving our business.
“In 2025 we led the industry on customer trust and digital innovation, and our app is changing the way people manage their long-term saving.”