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 2016. 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.
"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."
LV= Chief Executive, Mike Rogers
"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."
Mark Austen, Chairman