Insurance firm, Liverpool Victoria (LV=) has reported that the group’s 2011 yearly underlying profit was up by 10% to £99.4m compared to £90.7m during the corresponding period last fiscal.
LV= Group Chief Executive Mike Rogers said LV= performed well in 2011 with increase in underlying profits up, however, the final result reveals the impact of turbulent investment markets and reserve strengthening.
"However despite this we were able to continue to deliver strong returns to our members. I am delighted to also confirm a mutual bonus of £18.6m for with-profit members representing an increase of 1% to the value of their policies," Rogers said.
"The life business also achieved good results delivering a 20% increase in underlying profit and a 15% increase in sales. Our with-profits fund continues to perform strongly delivering market leading payouts  and a combined return of 40.9% over the last three years."
For the full year period, its operating profit stood at £29.5m compared to loss of £10.4m during the same period in 2010.
According to the financial statement of the insurer, IFRS result after tax and before mutual bonus was £10.6m against £21.3m year-over-year.
For the latest completed fiscal 2011, the company’s net-earned premiums were up 28% to £2.1bn compared to £1.65bn during the same period previous fiscal.
The group’s total assets jumped 13% to £10.3bn versus £9.1bn during the fiscal 2010.
The life and pensions business booked underlying profit of 20% to £33.7m compared to £28m during the same period a year ago while its life and pensions sales rose 15% at £142m on an APE  basis versus £124m year-over-year.
In the general insurance business segment, its premium income increase by 23% to £1.46bn, which remained £1.18bn in 2010.
The company’s 2011 underlying profit more than doubled to £72.1m against £30.7m during the same period previous fiscal.