LV= equity release sales up 50pc

For the whole of 2013 equity release sales totalled £9m.

Other results from LV= followed the same trend, with annuity sales hitting £11m in the three months to 31 March 2014, up from £9m the previous year.

Protection sales remained steady yearly, standing at £7m in the three months ending 31 March 2014, the same as the year before.

Mike Rogers, LV= group chief executive officer, said: “In the first three months of the year our trading businesses have continued to perform well despite external events impacting both general insurance and life and pensions.”

Annuity sales are expected to decrease in the coming months due to the changing retirement landscape announced in the 2014 Budget.

LV= recently updated its critical illness policy, increasing the number of covered conditions to 64.

Rogers added: “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.”