The Bournemouth-based business, which is the UK's third biggest car insurer with 3.1 million policies, posted half-year operating profits of £43.5 million at the division in the six months to June 30.
With motor premium rates falling and amid intense competition, LV= chief executive Mike Rogers described the performance as "reassuring".
He also reported a 23% profits decline in life insurance as new business sales were disrupted by an industry-wide shake-up banning independent financial advisers from being able to take commission as payment.
Operating profits for the group fell 35% to £48.2 million, although when factoring in short-term investment fluctuations pre-tax profits more than doubled to £88.4 million.
Annuities sales fell as LV concentrated on returns in a competitive market, although this was offset by strong growth in areas such as pensions, savings and investments.
LV= employs 5,700 people and serves over five million customers with a range of financial products. It is the UK's largest friendly society.
It offers its services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as Asda, Nationwide Building Society and a range of trade unions.
Mr Rogers added: "We are pleased with the resilient results achieved in the first half of the year with pre-tax profit increasing despite the challenging competitive market."