An insurance and savings group with offices in Huddersfield has reported a fall in half-year operating profits for its general insurance business.
LV= posted a figure of �43m compared with �62m a year earlier.
Premium income at the UK’s third largest car insurer – which has operations at Folly Hall Mills, Folly Hall – was flat at �748m in tough market conditions, while its life and pensions arm saw sales fall by 14% to �74.3m.
Richard Rowney, LV= managing director for its life business, said the market had been challenging in 2013 following regulation changes at the end of last year. Against this backdrop, its protection business sales had performed well and its pensions, savings and investments had performed particularly strongly, with LV= bucking the general market trend.
“Within annuities we took a decision to focus on returns over sales and this is reflected in the results,” said Mr Rowney.
He added: “Looking ahead to the second half of the year, I am confident of delivering good returns for our members despite a challenging outlook for the market as a whole in the short-term.”
