OREANDA-NEWS. The Board of mutual insurance, retirement and investment group LV=, the UK's largest Friendly Society, announces that Mike Rogers has advised of his intention to step down as Chief Executive after ten years in the role.

Mike Rogers has a great track record as Chief Executive of LV= and has completely reshaped and refocused the Group to create a leading composite insurer which has delivered superior returns for with profits members.  Under his leadership the business portfolio has been restructured through the closure of its banking operation in 2007 and IFA in 2008.  There have been several targeted acquisitions; Tomorrow in 2007, Highway and Britannia Rescue in 2008 plus a majority shareholding in Wealth Wizards Ltd in 2015.  A further acquisition is planned of the majority of Teachers Assurance business lines in 20161.  In addition, a highly successful rebranding was undertaken 2007 and there has been significant growth in customers, profits, member returns and employee engagement over the last decade.

In comparing the results for the year to 31.12.2006 with the most recently reported year to 31.12.2015 gross earned premiums increased from ?630 million to ?2.4 billion, a ?20.1 million operating loss has been turned into a ?195 million operating profit and total assets have grown from ?8.2 billion to ?14.5 billion.  The Society has also focused on engendering trust among its customers and members and in 2015 was named Most Trusted Life Insurer by Moneywise and voted YouGov Most Recommended Insurer for the second consecutive year.2

LV= Chief Executive, Mike Rogers, said: "It's been a privilege to lead LV= for a decade, alongside a great team.  Ten years is a significant milestone and it now feels the right time to let a new team shape the next decade.  LV= will always be special for me and I look forward to seeing its members, customers and people thrive."

Mark Austen, Chairman, said:  "On behalf of my fellow board members, and I would hope our one million or more members, I would like to thank Mike Rogers for the outstanding service he has provided the Society over the last ten years.  Under his leadership LV= has been transformed into the successful and profitable financial mutual it is today with a special place in the financial services market.  The process to appoint a successor is underway and Mike Rogers will continue to lead the business for the remainder of the year, and into 2017 as required, to ensure a smooth transition."

Notes to editors

A decade of successful change

 

Year ending 31 December 2006

Year ending 31 December 2015

Business structure

Broad business model incorporating life, general insurance, banking, IFA and asset management operations.

Focused model with a composite structure providing diversification benefits.

Gross earned premium

?630 million

?2,408 million

Group operating profit

?20.1 million loss

?195 million profit

Customer numbers

2 million

5.8 million

Total assets

?8,194 million

?14,539 million

Employee engagement

63% (in 2007, the first year of the survey)

86%

Brand

Liverpool Victoria, single digit awareness

LV=, 80% awareness

Investment return on main with-profits fund

The investment return on the main with-profits fund over 2006-2015 (before tax and policy charges): total return 92.5%, average annual return 6.8%

Mutual bonus

Mutual bonus introduced in 2011, total allocated over the last five years ?113 million

1 The transaction to take over the majority of Teachers Assurance business lines is on schedule to complete in the first half of 2016, subject to regulatory approval.

2 Research conducted by YouGov found LV= in the top position on the BrandIndex Recommend measure when assessing the data collected between 01 November 2014 and 31 October 2015. All data was collected using an online survey and respondents are members of the YouGov panel. The 33,752 strong research sample for this study was sampled and weighted to a UK nationally representative 18+ adult profile. The Recommend metric measures a consumer's willingness to recommend a brand, hence the ambassadors and equity destroyers of the brands: Which of the following financial institutions would you recommend to a friend or colleague? / And which of the following financial institutions would you tell a friend or colleague to avoid?

About Mike Rogers

Mike Rogers, 51, graduated from Cambridge University in 1986. He then joined Barclays Bank where he undertook a variety of roles in the UK and overseas, across business banking, wealth management and retail banking. Among various senior appointments at Barclays, Mike was Managing Director of Small Business, Premier Banking and UK Retail Banking.

In May 2006 Mike joined LV= as Group Chief Executive.

Mike is a Non-Executive Director of RBS, a member of the Association of British Insurers Board and also sits on the PRA Practitioner Panel.

He has a post-graduate Diploma in Leadership from Exeter University. Mike is married with three children and lives in Blandford, Dorset. His interests include rugby, cricket, golf and keeping fit.

About LV=

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual. We are a leading player in our chosen markets with top five positions in personal motor insurance, protection and enhanced annuities.

In 2014 as a result of our approach towards our people we were recognised as a high performing organisation by Towers Watson.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our 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.

LVFS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG.