LV has seen life insurance and heritage sales increase £4m to £39m in the first three months of the year, compared with the same period in 2013.
The retirement market also grew by £2m to £28m in this period, however the protection market stayed stable with sales of £7m.
The savings and investment market doubled in this period to £4m compared with the first quarter in 2013.
Mike Rogers, group chief executive of LV, said following the radical pension changes announced in the Budget, LV took “immediate action” to benefit its consumers, by extending both its annuity quote guaranteed period and the cooling off period.
He said: “We expect to see lower levels of annuity sales over the coming months as consumers defer decisions until the new regime takes effect. We also believe that margins will be negatively impacted on the range of retirement solutions products in the future.
“We are well placed over the medium term to benefit from the new landscape as consumers increasingly shop around to find the right product for their personal circumstances.
“In protection, we updated our market-leading critical illness policy to include an increase in the number of conditions covered to 64 and enhancements to existing cover.
“We continue to be the number one income protection provider of choice for advisers and we improved our policies to pay benefits based on the simple definition of being unable to perform the customers own occupation.
“I am confident that despite changeable market conditions, with our approach of offering good value products and excellent customer service, we are well placed for future growth in our chosen business lines.”
