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.
LV s group trading profit generated by its savings and retirement new business operations slipped to zero, compared to a new business trading profit of £12million in 2021.
The ousted chief exec of LV has waltzed off into the sunset waving a £485,000 farewell cheque, bringing his 2022 earnings at the insurer up to £766,000.