The firm, which was subject to a recent takeover wrangle when it failed to merge with Royal London, says it has no plans to look for another merger or acquisition deal.

For the past financial year, LV= reported total new business up 23% to £1.59bn.

The protection side of the business saw particularly strong sales with a rise of 32% to £332m.

Trading profit generated from new business rose to £17m, in comparison to a £6m loss in 2020.

Trading profit generated from in-force business decreased slightly to £12m (2020: £15m).

LV= said its Smoothed Managed Funds range performed especially well in 2021, with sales exceeding its 2021 target by 77%. Inflows for the range doubled to £437m.

Profit generated by Savings and Retirement new business increased to £12m compared to a new business trading loss of £3m in 2020.

However, despite high trading profits LV= has reported an overall loss before tax and mutual/exit bonus of £66m for the year.

This compares to a £37m profit reported in 2020.

LV= said the trading profit was offset by £90m of non-operational items. This includes a £30m strategic investment, £24m of debt interest, £21m in strategic review costs and £15m of other restructuring and one-off costs. Profit was also reduced by the impact of £20m generated by the switch from the LIBOR to SONIA yield curve.

Operating profit fell 22% to £31m (2020: £40m) for the year ending 31 December 2021 due to a reduction in positive impacts from model and basis charges.

Mark Hartigan, CEO at LV=, said the provider will remain independent rather than looking for another deal after it’s purchase by private equity firm Bain Capital fell through in December.

He said: "The proposed transaction with Bain Capital was put to a member vote at a Special General Meeting in December 2021 but was not approved by members. Since the vote we have listened to our members. It's clear they value stability and security for their policies above all else and are supportive of an independent future for LV=.”

LV= said it will share £38m of bonuses with eligible members through a mutual bonus of £28m and an exit bonus of £10m following the sale of the general insurance business.