LV= sees retirement profit halve as insurer ‘not immune’ to economic woes

The mutual insurer said it sunk deeper into a loss last year as a result of market volatility.

(LV=/PA)

Mutual life insurer LV= has admitted it is “not immune” to economic challenges after revealing profits from it savings and retirement division halved over 2022 and it sunk deeper into a loss.

The insurance and retirement specialist said it made a loss before tax and before member bonuses of £265 million last year, compared with a loss £66 million in 2021.

It also saw its overall trading profit dip compared with the previous year as it faced volatility in the financial markets, which affects investments.