LV= protection business leaps 36% in Q1

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LV='s protection business grew by £25m in the first quarter of 2015, an increase of 36% on the same period in 2014.

The growth in Present Value of New Business Premiums for protection at LV was greater than the overall rate for its Life and Heritage business which rose 19% to £412m.

LV= has in recent months run workshops for advisers to highlight the benefits of income protection, as well as introducing a 5% discount on premiums to the end of April.

Myles Rix, managing director of protection at LV=, said: "There's still more to be done both in terms of product education and familiarisation, when we talk to people at our wake up events people have perceptions of the product, that it's difficult or complex."

The insurer saw growth in both its income protection and term assurance business during Q1 2015.

Rix, said the result "reflects some of the momentum we had in 2014 and advisers responding strongly to some of the offerings that we've got."

He added: "It's not about one product or one type of product; it's been sales across the protection patch so is a very pleasing set of results for us."

Richard Rowney, managing director LV= Life & Pensions said: "The increase in protection sales is driven by strong performance in both our income protection and term assurance product lines.

"Our Personal Sick Pay policy has proved very popular and we have simplified our application process to make it even easier for advisers' existing customers to benefit from this product.

"We are the leading provider of individual income protection and we see further growth opportunities in this area."

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