Insurance company LV= has reported a 39% fall in underwriting profit to £60m, despite making £15m profit before tax in its full-year results compared with £90m loss in 2018.
In its full-year results, LV= reported a 13% decrease in its operating profit to £93m as new business sales reduced by 26% year-on-year to £1,326m on a present value of new business premium (PVNBP) basis.
In this period, LV= also completed the sale of LV=GI to Allianz.
CEO Mark Hatrigan said: “Clearly we are living in unprecedented times; the coronavirus situation is both very serious and rapidly evolving. Our priority remains to focus on the best outcomes possible for our members, customers, and staff.
“Notwithstanding the challenging external environment, this is an exciting time to be joining having just converted from a friendly society to a company limited by guarantee and successfully completed the sale of our general insurance business.”
Earlier this year, Allianz UK joined with LV=GI and Legal and General Insurance, which is now also owned by Allianz.
LV=GI CEO, Steve Treloar added: “We successfully delivered underlying premium growth of 12%, excluding discontinued business lines, to £1.57 billion (FY 2018 £1.40 billion).
“The number of customers we provide products and services to also increased across all product lines, growing by 10% to 5.7 million which is a significant achievement in what is one of the most competitive markets in the UK.”