Bosses at LV= have said the mutual is “not immune” to economic challenges, after revealing profits from its savings and retirement division halved last year, as it sank deeper into the red.
The insurance and retirement specialist, formerly known as Liverpool Victoria, said it made a loss of £265m before tax and member bonuses in 2022, compared with a loss of £66m in 2021.
The Bournemouth-headquarted company also saw its overall trading profit dip compared with the previous year as it faced volatility in the financial markets, which affects investments.
