Sharing our future plans with you

This transaction follows a Board-led, comprehensive and rigorous strategic review asking the question ‘What is best for our members?’

As a standalone life and pensions company we have big ambitions for growth focused on growing the LV= brand and business to further develop as a major force in the UK life insurance market. However, in a market dominated by global insurers, LV= requires significant long-term investment to realise these ambitions.

The scale of this investment, together with the time needed to deliver growth and the age of our With-profits policies means that many With-profits members would not see the rewards before their policies mature.

The Board were unanimous in their decision.

The transaction with Bain Capital delivers an excellent financial outcome for members plus greater security for With-profits members.

The transaction will see Bain Capital, a leading global investment firm with extensive insurance industry expertise, purchase the LV= business. This means we would no longer be mutual in structure. However, the transaction provides an excellent financial outcome for members and greater security for With-profits members. We’ll also secure external investment to fund our ambitious growth plans and maintain the independence of our long-established and well-respected LV= brand.

Our culture and values won’t change.

While we will no longer retain our corporate structure as a mutual, our culture and values will remain the same. We will continue to put customers, employees and financial advisers at the core of everything we do. Bain Capital is fully bought into what LV= stands for and is committed to our plans and strategy for growth. Together we are excited by the opportunities that lie ahead in this next phase of LV=’s journey.

Looking out for our members’ best interests – what it means for you.

Throughout the strategic review the Board of Directors took advice from legal and financial advisers and the With-Profits Committee. If, and once, the transaction has been fully completed all eligible members will benefit from a one-off payment … and members with an eligible LV= With-Profits policy are expected to receive an enhanced payout when their policy ends or they start to receive an income from it.

Members will be able to have their say.

We’ll write to all eligible LV= members inviting them to vote on our proposals at a Special General Meeting (SGM).

The Board will recommend that members support the sale of the business to Bain Capital and a member pack will be sent out to them ahead of the Special General Meeting (SGM) outlining all of the key information that they’ll need to help inform their vote.

We are progressing well on our proposals to sell the LV= Life and Pensions business to Bain Capital and to provide LV= members with all of the information they need to make an informed vote. As it is important that we complete this complex work we have built in some additional time to extend our engagement with a range of stakeholders; our original date to hold a Special General Meeting (SGM) in the first half of this year has therefore been pushed out.

As soon as the date of the Meeting has been finalised we will announce the date on this dedicated area of our website. At this point we will also provide further information on the member engagement programme which will comprise of:

  • A comprehensive voting pack for all members
  • An all member webinar
  • A dedicated webinar and email address for With-profits policyholders in addition to specific content relevant to them on the website.

More about Bain Capital

The partnership with Bain Capital will provide LV= with the investment needed to grow its leading brand and strong product set for the benefit of customers and IFAs.

Bain Capital is a leading global private investment firm. Bain Capital invests across a number of industry sectors and the Bain Capital team leading the LV= transaction have particular extensive experience working with insurers.

It has been a leading investor in the UK for the past fifteen years investing hundreds of millions of pounds in a range of different businesses to support strong management teams grow their businesses.

More on membership

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Mutual bonus

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