Member bonuses
Double the mutual difference
Giving back to members
When we do well, we can give our members something extra
Because we’re a mutual, we don’t have to pay dividends to external shareholders. We can give back to our members instead.
- Since 2011 we’ve given back to eligible members by awarding a percentage uplift to the value of any eligible policies they have with us. We call this the mutual bonus.
- In 2020 we launched another bonus too. We’ll be giving eligible members a percentage uplift when their policy ends or they begin taking an income from it. We’re calling this the exit bonus.
- This page explains more about what both these bonuses are and who is entitled to receive them. We’ve also created a space to answer any questions you might have.
At the end of 2019 we completed the sale of our general insurance business to Allianz
Our general insurance (GI) business sells award-winning car and home insurance and other policies to help people insure the things they love. We wouldn’t have been able to build such a successful GI business without the support of certain long-standing members. So we want to say thank you to them by giving back some of the sale proceeds through a new bonus scheme.
We started our journey in general insurance (GI) when we acquired Frizzell in 1996 - an established business, which already offered car and home insurance. From 2006 onwards we really accelerated our investment in GI; so much so that it became the 3rd largest private car insurer, the most recommended insurer and No 1 for customer service in the UK.
The success of the GI business, and the strength of our modern and vibrant brand, made the business an attractive proposition to Allianz Holdings plc. At the end of 2019 we completed the sale of the whole of the GI business to them. As part of the deal we agreed to license our brand to Allianz so they can continue to sell insurance products, backed up by a well-known and reputable brand. If you already have a GI product you won’t notice any immediate difference, apart from in the small print when you renew your policy.
It’s been an exciting 23 years in the GI sector and we’re pleased that we have found such a good home for that business, and the vast majority of our former colleagues.
We recognise that we couldn’t have built such a successful business without the support from some of our members, who were exposed to the most risks during that time, so we want to say thank you by giving back some of the sale proceeds. We’ll do this via the existing mutual bonus scheme, and the introduction of a new bonus – which we’re calling an exit bonus.
Our thank you
We’re saying thank you in two ways
- Theses bonuses are at the full discretion of the board. Bonuses may not be declared every year, and the amounts that are declared may vary. For more information about this please see the FAQ section below.
Eligible members
The bonuses will only be added to certain policies
- Only eligible policies will receive these bonuses. Members with other LV=, RNPFN or Teachers Assurance policies won’t receive these bonuses.
- If you’re not sure what policy you have please contact us or speak to your financial adviser.
More questions you might have
More about the mutual bonus
Answering your questions about the mutual bonus
These questions include which policies are eligible, how these policies benefit from the mutual bonus and the situations when they don’t.
More about the exit bonus
Answering your questions about the exit bonus
These questions include which policies are eligible, how these policies benefit from the exit bonus and the situations when they don’t.