press release

LV= responds to yesterday’s announcement from the Chancellor regarding the personal injury discount rate

Commenting on yesterday’s announcement from the Chancellor regarding the personal injury discount rate, Steve Treloar, Managing Director of General Insurance at LV= said; “We absolutely believe that people who are seriously injured should be properly compensated and we’re also committed to ensuring that the premiums of car insurance customers aren’t unfairly hit.

“The recent decision to reduce the discount rate to -0.75% was extremely disappointing, but we're pleased that following yesterday's meeting with the Chancellor the Government has committed to fully reviewing the methodology. We've always said it was the methodology that was obsolete and in need of reform and while it's a shame that this was not decided sooner, this is good news. Ultimately, we want to make sure that a fair outcome is achieved for all parties involved and we will work closely with the Government to achieve this."

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.

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 are currently the UK's number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings.

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.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.
Kaidee Horton
Head of Corporate Communications, General Insurance
07738 274568