Mutual insurance, retirement and investment group LV= has seen its annuity sales increase by over 30 per cent year-on-year.

In its latest Q2 2014 trading statement, LV= said in the six months ended 30 June 2013, annuity sales were at £176m. In the same period in 2014, sales were recorded at £232m.

LV= said total life insurance sales were £732m up from £651m in the six months ended 30 June 2013.

Pension sales were recorded at £277m down from £297m.

“In our life business, sales are up over £80m compared to this time last year which is a good achievement given the background of Budget changes announced in March that affect our retirement business,” LV= group CEO Mike Rogers said.

“These strong sales reflect our quick customer focused actions after the budget including the launch of a new one year annuity and a new simplified drawdown product. We initially expected annuity sales to be significantly down but sales have held up well and are up over 30% year-on-year albeit at lower margins.

“In Q2 post-budget we saw sales of £117m, slightly more than Q1 demonstrating our continuing strength in this area. Equity release sales also performed particularly strongly up over 50% comparatively."

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