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.
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.
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