UK-based provider LV= has reported financial results for the year ending December 31, 2024, alongside the publication of its Annual Report.
The company distributed £29 million in bonuses to approximately 280,000 eligible members, bringing the total bonuses paid to £414 million since 2011.
Operating capital generation from LV=’s trading operations rose 57% to £55 million, compared to £35 million the previous year. Its capital position remained steady, with a capital coverage ratio (CCR) of 192%.
Protection business sales increased by 12% year-on-year, while the company's Equity Release mortgage advances also showed growth. Overall new business sales, measured on a Present Value of New Business Premiums (PVNBP) basis, grew 4% to £1,229 million from £1,187 million in 2023.
LV='s Smoothed Managed Fund range achieved notable performance, including a 12.5% return in 2024 for its Balanced Fund.
Operating expenses declined by 4% year-on-year, falling to £244 million from £255 million, as the company maintained a focus on operational efficiency.
In 2023, LV= reported a profit before tax of £107 million. This enabled the company to distribute £30 million in member bonuses, totalling £385 million returned to members since 2011.
The previous year also saw the first anniversary of LV= Member Community as well as the launch of My LV=, a customer portal providing easy access to account information and policy management tools.
LV= said that it has continued enhancing digital capabilities and simplifying its customer engagement processes. Recent improvements include additional online services and increased accessibility for customers.
The company also expanded its LV= Platform Services initiative, aimed at streamlining interactions with advisers and customers.
LV= also highlighted the external recognition for its products, customer experience, service delivery, and workplace culture.
Profit before tax was £51 million for the year, down from £107 million in 2023. The previous year’s results had benefited from an £85 million one-off gain linked to Solvency UK reforms. Operating profit remained unchanged at £43 million.
“We are well positioned to further enhance investment and financial performance. We remain steadfastly committed to doing the right things for our members, customers and advisers, and continuing to deliver for this and future generations to come,” chief executive David Hynam (pictured above) said.
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