Press release

LV= names Richard Rowney as its new Chief Executive

LV=, the UK's most trusted and recommended insurer[1], has today named Richard Rowney as its new Chief Executive.

Richard Rowney is currently Managing Director of LV='s Life and Pensions business having originally joined the Society in 2007 as Chief Operating Officer. He has turned LV= into one of the UK's leading protection and retirement specialist business and in 2015 its life business delivered an operating profit of £41 million (2014: £7m operating loss). Prior to LV= Richard spent 14 years at Barclays in a number of senior positions across corporate and retail banking, including Integration Director for the Bank and Chief Operating Officer for Premier Banking. He has an MBA from Henley Business School and has completed the Harvard General Management Programme.

Richard succeeds Mike Rogers who earlier this year indicated his decision to step down as Chief Executive after ten years in the role. He will take up his appointment later this summer, after a short handover period.

Mark Austen, Chairman, LV= said:
"Mike Rogers has led LV= with great distinction and success, transforming the business culture and its financial performance. We thank him for all he has achieved for our members, customers and staff over the last decade.

"We believe that effective succession planning is done from a position of strength and following a thorough search process that produced a shortlist of excellent internal and external candidates the board is particularly pleased to be able to promote from within to fill the role of Chief Executive.

"Richard is an exceptionally talented business leader and the board is confident that he is the right person to build on the heritage of the Society's 170 year history and the platform that Mike Rogers has created to take LV= to the next level.”

Richard Rowney said:
"It has been a real privilege to work alongside Mike as we have built LV= into the successful and profitable mutual it is today. In a changing financial world, our approach remains consistent; earning trust by providing good value backed up with great values.

"I'm fully aware of the board's ambition for LV= and am excited by the challenges and opportunities that lie ahead. I look forward to working with my team to build a business that delivers the best possible outcomes for our people, customers and members."

Photos of Richard Rowney and Mark Austen are available on request.

Notes to Editors

Richard Rowney biography

Managing Director, Life & Pensions, LV= 2010 - 2016
Chief Operating Officer, LV= 2007 - 2010
Integration Director, Barclays Bank 2005 - 2007
Chief Operating Officer, Premier Banking, Barclays Bank 2003 - 2005
Risk Director, Small Business, Barclays Bank 2001 - 2003
Prior to this Richard held various roles across Barclays corporate and retail banking between 1992 and 2001.

Aged 45, Richard holds a first class degree in Geography from the University of Leeds, an MBA from Henley Business School and has completed the Harvard Management Programme. He lives in Poole, supports AFC Bournemouth and is an independent director of the Dorset Local Enterprise Partnership.

On commencement of his role, Richard Rowney's salary will be £490,000. His other terms and conditions will be in line with our published remuneration policy for this role.

[1] Research conducted by YouGov found LV= in the top position on the BrandIndex Recommend measure for data collected between 01 March 2015 and 29 Feb 2016. The 32,821 online 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.

At the 2016 Moneywise Awards, LV= was named the UK's Most Trusted Insurer.

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.

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