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Catch up with the latest press releases from LV=

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LV= Announces Annual Results for 2007

Press release: 08/04/2008

LV=, the UK's largest friendly society, formerly known as Liverpool Victoria, has announced its annual results for 2007.






Mike Rogers, Group Chief Executive of LV= said: "2007 was the first year of our five year business transformation plan. Our underlying performance was encouraging and lays a solid platform for future growth. Our life and pensions business performed strongly and, with the new flexible retirement business on-board, is in a good position to take advantage of expected growth in the retirement market.

"In our general insurance business sales were up significantly, although performance overall was impacted by significant investment in restructuring and new technology, and adverse weather events including £33m in flood claims.

"Strategic investment plans for our asset management business LV= Asset Management were confirmed, including the development of several new funds to support our new retirement business, and our planned expansion in retail investments. A number of senior hires were made to help deliver this plan.

"2007 was also a year for consolidation in certain areas and there were exceptional costs associated with our exit from non-profitable activities in whole of market advice provision, and personal loan sales. We also entered the last stages of our ongoing exit from credit cards.

"In the first quarter of 2008, despite turbulent market conditions, our financial strength and trading momentum continued. General insurance new business sales from all channels were up 37% on Q1 2007 and life and pensions sales were up 113%. We have also successfully concluded in the first quarter of 2008 both the transfer of our IT arrangements to new suppliers, and the recapture of our life processing operations.

"We have come through a huge amount of change and strategic development. We are now well placed to compete successfully going forward and achieve our ambitious but realistic plans, and grow the value of the business for our members."


LV=

LV= and LV= Liverpool Victoria are trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs more than 2,000 people, serves more than 2.5 million customers and members, and manages £8 billion on their behalf. We are also the UK's largest friendly society (Association of Friendly Societies Yearbook 2006/2007, Total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.