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LV= to appoint Mark Austen as chairman

Press release: 03/10/2012

Mutual insurance, retirement and investment group LV= is appointing a new chairman. Mark Austen will be taking up the role for an initial period of three years following the AGM on 23 May 2013. Dennis Holt, who has been chairman of LV= for two terms (six years) will be stepping down at the same time. The announcement is indicative of a strong commitment to a smooth transition over the coming months.

Mark Austen is currently the senior independent director (SID) on the LV= Board having joined the company in 2006. Mark chaired the audit, risk and compliance committee between September 2007 and December 2010 and has chaired the risk committee since January 2011. He holds a number of other non-executive roles at companies including Mott McDonald Group PLC and Standard Bank PLC.

Mark is a qualified accountant, and previously managed PricewaterhouseCoopers financial services consulting business around the world. In this role he advised a large number of institutions on strategy, acquisitions, operations, HR and technology. He was a member of PricewaterhouseCoopers' global board prior to the acquisition of the consulting business by IBM.

Mark will be responsible, alongside the LV= Board, for helping the company to continue its success story. After a period of significant growth from 2006, during which time LV= grew from 1200 employees to over 5000, opened ten new offices around the UK to support its fast business development and made a number of strategic acquisitions including Highway Insurance (public delisting) and Tomorrow (Swiss Re), LV= is now moving into a new phase of steady business growth in its chosen markets.

Commenting on the appointment, Mark Austen said: "LV= has gone through huge changes over the last few years under Dennis's stewardship and the leadership of CEO Mike Rogers, and I am delighted to be taking up the role of chairman as the business enters its next phase of development. LV= growth has seen profits increase to £100m (2011) and reach leading positions in key products lines such as car and home insurance, income protection and fixed term annuities. LV= is now well established in its core markets, with high customer satisfaction and I look forward to working with the board to increase further value for members & customers, and LV='s position as one of the most trusted financial services providers."

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About LV=

LV= employs over 5500 people and serves around five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

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 trades unions.
LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.