LV= today and tomorrow

Dear LV= member,

I am delighted to announce the appointment of David Hynam, who joins LV= today, as our incoming CEO.

Like any institution, LV= wants to attract the best talent; individuals with the right experience, drive and values to propel this proud mutual business forward and deliver strong returns for our members.

In securing the services of David Hynam, we have acquired a truly market-leading chief executive. He is the ideal candidate to help LV= continue to build a strong and sustainable future as a mutual life and pensions business and ensure that our mutual values thrive for the benefit of our members.

David has 30 years’ experience in retail financial services and brings to LV= an extensive track record of hugely successful leadership roles in the insurance sector. David’s roles have included; chief executive officer of Bupa’s UK and Global markets, UK CEO of Friends Life and chief operating officer of AXA.

David inherits a robust strategy and is committed to upholding mutuality at our core and building upon the strong foundation we have in place. His significant experience of business transformation and growth, and technical knowledge of insurance and financial services means we are in safe hands. David is the right person to lead LV= into the next exciting phase of its future as part of a resurgent mutual sector.

Mark Hartigan will leave the business at the end of September. I want to thank Mark publicly for his steadfast leadership and for everything he has done to strengthen LV= for the future. We wish him the very best.

The appointment of chief executive is an extremely important one and I look forward to introducing David at our AGM in October, as his appointment marks a new era for LV=. At the AGM, I will also give an unprecedented address directly to our members so that they are the first to hear about the steps David and I are taking to demonstrate that transparency and fairness will be at the heart of our mutual business going forward.

Under my tenure, LV= will be a leading example of the value that mutuality can bring both to its members and wider society and David is going to be a very important part of that.

I am excited by the future and I look forward to seeing LV= thrive under David’s leadership.

Simon Moore, LV= Chair

Dear LV= member,

Today we have announced that Mark Hartigan has confirmed his intention to step down as interim chief executive (CEO) and a member of the LV= Board.

The process to appoint a new permanent chief executive is already underway and Mark has agreed that he will remain in his interim role while the search for his successor takes place

Mark was engaged on an interim basis to perform two discrete business tasks. The first, and most important, was to improve the underlying commercial performance and fundamentals of the business. The second was to carry out a full strategic review as instructed by the Board - which ultimately led to the proposed transaction with Bain Capital.

That transaction did not proceed with you - our members - sending a clear message that mutuality remains important to you. Mark has led a successful turnaround of the business, in our recent 2021 financial results we announced that we outperformed both in terms of our new business volumes and there has been significant growth in sales and trading profit.

Now, as we look forward to the future with confidence, the Board and Mark have agreed that the time is right to appoint a permanent chief executive to build on this platform and further develop a sustainable mutual future for LV=.

On behalf of my fellow Board members I would like to thank Mark for everything he has done during his time as LV= chief executive.

We will keep you updated on the search process for our next permanent CEO.

Rest assured that nothing changes for you – your policies, products and services remain as they are today and we look forward to supporting you to live confident and having you on board for the next chapter in LV=’s story.

Simon Moore