LV= says its equity release advances more than doubled to £94m last year, but added that this was less than expected due to a “subdued” market.
“Although equity release advances more than doubled during the year, the overall market was still subdued by the relatively high interest rates during 2024 and overall advances were lower than expected, also impacting new business profitability levels,” said the financial services mutual in its annual report.
Equity release advances came in at £40m in 2023.
It added that protection new business sales lifted 12% to £398m from a year ago.
Overall revenue rose 4% to £1.2bn from savings, retirement and other operations.
Pre-tax profit fell 52% to £51m, after deductions for member bonuses, pensions and other expenses.
LV= chief executive David Hynam said: “Our financial performance is a result of our forward-looking strategic approach and points to the significant benefit of our diversified portfolio”.
“We’ve seen positive sales growth across protection and equity release, and strong investment performance from our smoothed managed fund range.
