LV=, the mutual insurance, retirement and investment group, has reported its financial results for 2010, including a 43% rise in net earned premiums from £1.15bn in 2009 to £1.65bn.
Group underlying profit more than doubled, rising by 118% from £44.2m to £96.2m and group assets increased by 13% from £7.1bn to £8bn.
However, the IFRS pre-tax result was a loss of £18.3m, although this was largely due to reserving £165m for future bonus payments.
Despite the pre-tax loss, the result is still a significant improvement on the 2009 loss of £91.4m.
The result after tax was £21.3m, up from a net loss of £172.2m in 2009.
Group Chief Executive Mike Rogers opined that the firm had performed well during 2010, in spite of the ongoing turbulent conditions in the market.
Rogers particularly welcomed a strong sales performance which helped group underlying profit to more than double and expressed a note of optimism regarding the firm’s probable performance in 2011.
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