LV= has moved from a £90m pre-tax loss from continuing operations in 2018 to a profit of £15m last year following a major restructure and cost-cutting.

The company completed the sale of LV= General Insurance to Allianz last year and converted from a friendly society to a company limited by guarantee in January.

The company also made a number of senior executive changes and cut staff numbers overall.

In a tough year in 2019, life new business fell from £1.8bn to £1.3bn although income replacement products did well.

Mark Hartigan, LV='s new chief executive appointed in December, said: “We continue to make progress in reducing our cost base with a further £3 million decrease in operating expenses primarily driven by a year–on-year reduction in staff numbers.

“Strong cost discipline will be increasingly important throughout 2020 as we make the transition from our old group structure to a pure life, pensions and investments business.”

During the year the company added to the executive team with the appointment of Clive Bolton, previously managing director of retirement solutions at Aviva Life UK, and Debbie Kennedy, ex-group head of protection strategy at Royal London, to lead the savings and retirement and protection businesses.

The company said trading conditions remained tough due to the continued decline in pensions to levels seen prior to the 2015 Pension Freedoms and investment market uncertainty.

Mr Hartigan added: “2019 was a pivotal year in the history of LV= and 2020 will be no less important.  The full effect of the COVID 19 crisis is still to be understood but we are in an exceptionally well-capitalised position and as we face the challenges ahead, we will continue to work hard for the benefit of our customers and members.”