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Liverpool Victoria
Liverpool Victoria
Liverpool Victoria
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Liverpool Victoria, trading since May 2007 as LV=, is one of the United Kingdom's largest insurance companies. It offers a range of protection, savings and retirement products as well as financial advice.

Key Information

History

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History

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The first known meeting of the Liverpool Victoria Friendly Society was in March 1843 but there is no record of the members of the committee or its incorporation or rules. The anniversary history described it as starting without any subscribed capital, or influence and little experience. All that is known is that its president was a William Fenton, who also became treasurer and is believed to be the driving force behind the Society's early growth. However, its objectives were clearly set out in its first report in September 1843. “The great object of this Society is to afford the poorer classes of the community the means of providing for themselves and their children a decent interment at the trilling expense of a halfpenny, a penny or three pence, according to the age of the member” [1] For the remainder of the nineteenth century the Society was associated with what simple life assurance or the ‘penny policy’. Door-to-door agents collected these penny premiums, allowing people to provide for the costs of a decent funeral.[2] After eighteen months the Society had provided for over 200 funerals.[1]

Within the space of three or four years, the Society had collectors operating outside Liverpool, in towns such as Chester and Runcorn. By the 1860s, Liverpool Victoria was operating across England from Newcastle to Plymouth with collectors also in Scotland, Wales and Ireland. An increasing amount of business was being transacted in London and in 1884 the Chief Office was moved there – an early example of a commercial head office moving out of Liverpool. A wider range of product was being offered to customers and in 1906, to recognise this, the Society proposed to convert to a limited liability company. This was fiercely contested through the courts and it was not until 1907 that arbitrators ruled that a subsidiary could be formed “for the transaction of business outside the Society’s scope”.[1]

The development of new business lines was a continuing feature of the Society's expansion. A particularly important introduction followed the National Insurance Act 1911 that created a contributions-based system of health insurance. Friendly societies which had their own schemes were given a major role in administering health insurance and in 1912 the Liverpool Victoria established its own approved National Insurance Society. Another example was that by the 1930s, the Society was offering complete home insurance policies through its link with the Commercial Insurance Company.[1]

In May 2013, LV= issued subordinated bonds priced at £350 million. This debt, which carries interest at 6.5%, is due for repayment in 2043, although LV= has the option to repay it from 2023. The debt counts as lower tier 2 capital and is expected to be eligible as capital under the Solvency 2 capital regime which will apply to all EU insurance companies from 1 January 2016.[3]

Liverpool Victoria Friendly Society Limited was deregistered as a friendly society and registered as Liverpool Victoria Financial Services Ltd. on 2 January 2020 with the company focusing on life insurance, pensions and investments.[4][5] It remains a mutual organisation owned by its members. Liverpool Victoria General Insurance was sold to Allianz in 2019 and is no longer part of Liverpool Victoria though the name continues to be used under a brand licence agreement.[6][7]

Recent developments

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Liverpool Victoria Friendly Society Limited was deregistered as a friendly society and registered as Liverpool Victoria Financial Services Ltd. on 2 January 2020 with the company focusing on life insurance, pensions and investments.[8][9]

After members rejected the sale to Bain Capital in December 2021, LV= (as it is now known) removed chief executive, Mark Hartigan and the mutual came under new leadership. Former Bupa chief executive, David Hynam, joined as Chief Executive in September 2022.[10] Hynam was noted for his values-driven leadership style and a background in business transformation.[11]

After the abandoned Bain take over, the company reported a loss before tax and member bonuses of £265 million in its 2022 Annual Report and Accounts.[12] In response, a series of strategic changes were introduced.[13][14][8][9]

Alongside these developments, the business received recognition for leadership and corporate culture.  LV= won Best Employee Experience – Large Company at the UK Customer Experience Awards[15] in 2024 and were finalists in the Organisational Award for Supporting Diversity category of the Women in Pensions Awards[16] in the same year. David Hynam was named the global top LGBTQ+ executive[17] by INvolve in 2024[18] and in the Attitude 101 2025 list of influential figures.[19][20]

Acquisitions

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Although most of the growth in the society was organic, there were almost twenty transfers of business from other societies.[2]

  • Liverpool Crown & Anchor Friendly Society (1885)
  • Liverpool Protective Assurance & Burial Society (1903)
  • New Era (1904)
  • General Friendly Collecting Society (formerly Leeds and General Friendly Society) (includes the Hulme Burial Society) (1908)
  • Most Friendly Burial Collecting Society (1933)
  • City Mutual (Guernsey) Collecting Society (1935)
  • City Mutual (Jersey) Collecting Society (1935)
  • Hibernian Mutual Assurance Collecting Society (1944)
  • General Federation of Trade Unions Friendly & Collecting Society (GFTU) (1952)
  • Independent Burial Society (1953)
  • Withington Friendly Burial Collecting Society (1954)
  • Ardwick Union Burial Society (1957)
  • Keighley Samaritan Brief (1963)
  • Druids Burial Society (1965)
  • Permanent Insurance Company Limited (2001)
  • Royal National Pension Fund for Nurses (RNPFN, 2001)
  • UIA Insurance Limited (life business only) (2005)
  • Tomorrow (2007)
  • Teachers Provident Society (2016)

Business activities

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LV= offers services directly to consumers, as well as through IFAs and insurance brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and some trades unions.[21]

At the start of 2015 LV= was ranked in a survey called the UK Institute of Customer Service Satisfaction Index (UKCSI) as the best insurance business in the UK for customer satisfaction and seventh best across all UK businesses, with only one other insurer in the Top 50.[22]

General insurance

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General insurance products covering motor, home, pet, travel and small business insurance are provided by Liverpool Victoria Insurance Company Limited. Some products are sold both directly to the public over the telephone and internet and, under the ABC Insurance and Highway brands, through insurance brokers. This latter distribution channel (known collectively as LV= Broker) was boosted in October 2008 by the £150 million acquisition of Highway Insurance Group PLC,[23] following a successful public offering for its shares.[24][25] Since 2007 the general insurance division has also owned Britannia Rescue, the UK's fourth largest road rescue business, which in 2009 won a contract to be the exclusive provider of road rescue services to the customers of Asda.[26] General insurance products are also sold through white label partnership arrangements including Nationwide Building Society,[27][28] and CSMA Club, the latter arrangement dating back to 1923.[29]

The general insurance business of LV= has its origins in the acquisition in 1996 of Frizzell, a business founded in 1923, which acted as a broker of motor and household insurance policies.[30] A new subsidiary company, Liverpool Victoria Insurance Company Limited, was established in 1996 in order to underwrite the Frizzell business, which was augmented in 1997 by the acquisition of the motor and household policies of Landmark Insurance.[31] In 2006 it acquired ABC Insurance, a start-up insurance company established by John O'Roarke, formerly the managing director of Churchill Insurance and a senior executive of Direct Line, together with other former Direct Line executives, with a view to delivering substantial growth and an increase in public profile to a business that was then in steady decline, reliant on direct mail for marketing and with unsophisticated underwriting.[32][33] This was achieved. By the end of 2012 the £386 million of premium income and 1.1 million customers of 2006 had increased to £1.5 billion of premium income and over 4 million customers with profits of £117 million. The business had become the UK's third-biggest motor insurer with an 11% market share.[34] The transformation of the business was acknowledged by receiving the accolade of General Insurer of the Year at the 2012 British Insurance awards.[35]

In 2017, LV= concluded a deal with Allianz to sell its general insurance division for a deal worth up to £1bn. This would mean the commercial lines of the insurer would go to Allianz, with the latter's personal lines going in the opposite direction, and creating a joint venture between the firms.[36]

In 2019, Allianz purchased the remaining 51% of the general insurance division in a simultaneous purchase of Legal & General's general insurance division for £800m[37] which concluded with both of the respective firms becoming part of Allianz on 1 January 2020 with the general insurance division of L&G being renamed officially as Fairmead Insurance but keeping the L&G branding.[38]

Life assurance

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Life assurance products covering with-profits assurance, term assurance, whole life insurance, annuities and equity release mortgages are provided by Liverpool Victoria Friendly Society Limited and Liverpool Victoria Life Company Limited. Since January 2008 the product range has been augmented by flexible retirement pensions and equity release schemes through the acquisition from Swiss Re of the former G E Life businesses in the United Kingdom.[39]

In 1999 Liverpool Victoria was heavily criticised in a report by the Personal Investment Authority for "serious and widespread compliance failings" including hiring inept staff who offered customers poor financial advice.[40] The society was fined £900,000, the largest fine ever handed out by the PIA at the time.[41]

Liverpool Victoria Life Company Limited, then known as Permanent Insurance, was purchased from Equitable Life for £150 million in 2001.[42]

It was announced in December 2014 that Liverpool Victoria would be acquiring the business of Teachers Assurance, subject to the approval of the latter's members.[43]

Liverpool Victoria confirmed that its mulling all its options including the sale of its life and pensions business with Fenchurch Advisory Partners advising on its options and in October 2020 entered exclusive negotiations with Bain Capital.[44][45] In December 2021, members of Liverpool Victoria rejected selling the company to Bain Capital for a reported £530m.[46]

Investments

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In August 2011 it was announced that the fund management services and OEICS provided by Liverpool Victoria Asset Management Limited and Liverpool Victoria Portfolio Managers Limited would be transferred to Threadneedle Asset Management as LV= had failed to achieve sufficient scale, despite having some £8 billion of funds under management.[47]

Banking

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Liverpool Victoria Banking Services Limited, which came into the LV= group as part of the 1996 Frizzell acquisition, provided loans and credit cards until 2007 when the business was closed following heavy losses.[48] In 2008 the company was fined £840,000 by the FSA in connection with its past sale of payment protection insurance alongside loans.[49]

Offices

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Victoria House from Southampton Row

Victoria House in Bloomsbury Square, London, was built for Liverpool Victoria in the 1920s and remained its head office until the company relocated to Bournemouth in 1996.[50]

Brand and image

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Following the appointment of Mike Rogers as the new Chief Executive in 2006, LV= has undergone significant change in an effort to modernise its image and to re-invent itself[51] in the face of the gradual industry-wide decline in with-profits assurance.[52][53] On 25 July 2016 Richard Rowney replaced Mike Rogers as CEO.[54]

LV= and LV.com

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In early 2007 the name Liverpool Victoria was dropped (although it remains the formal name of most legal entities within the group) in favour of LV=.[55] A distinctive green heart icon stylized from the letter 'V' has also become a symbol of the group in its advertising, playing on the visual similarity of LV= to the word love. Shortly after the rebranding, LV= acquired the Internet domain name LV.com, which the French luxury goods manufacturer Louis Vuitton had, in November 2006, failed to acquire from Manifest Information Services (aka Manifest Hostmaster and Manifest.com) through a WIPO lawsuit.[56]

Sponsorship

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In recent years the society has promoted itself through sponsorship of sport. As Liverpool Victoria, it sponsored the UK Snooker Championship from 1997 to 2000.[57] It has sponsored the cricket County Championship since 2002, initially (2002–2005) as Frizzell[58] (the name of an old established insurance business acquired in 1996),[59] in 2006 as Liverpool Victoria and since 2007 as LV=.[60] In rugby union, LV= signed a three-year sponsorship deal with Premiership club Harlequins in October 2008,[61] and in October 2009 signed a two-year deal to become title sponsor of the Anglo-Welsh Cup.[62] The 2023 Ashes series is sponsored by LV=.[63]

Television

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In 2007, for the first time in the society's history, television advertising was employed for car insurance and life assurance, the former featuring the song "Have Love, Will Travel",[64] and the latter featuring Cilla Black.[65]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Liverpool Victoria

View on Grokipedia
from Grokipedia
Liverpool Victoria, trading as LV=, is a prominent British mutual financial services provider founded in 1843 as a friendly society to assist working-class families in protecting their dependents through burial and life assurance coverage. Originally established in Liverpool, the organization expanded rapidly and relocated its headquarters to Bournemouth in 1996, evolving into one of the United Kingdom's largest insurers with a focus on mutual ownership until its conversion to a company limited by guarantee in January 2020. Today, LV= serves over 1 million members and customers, offering a comprehensive range of products including life insurance, income protection, critical illness cover, pensions, annuities, equity release, and investments. With approximately 1,500 employees and annual revenues exceeding $1.5 billion as of 2024, LV= emphasizes financial confidence for individuals and families through in-house advisory services, partnerships with financial advisers, and a commitment to ethical, member-focused operations. In its 2024 financial results announced in March 2025, LV= reported 4% growth in new business sales and distributed £29 million in member bonuses. Key recent milestones include launching equity release products in collaboration with Scottish Widows in October 2023 and appointing BlackRock as its asset management partner in April 2023, underscoring its ongoing adaptation to modern retirement and investment needs.

History

Founding and early development

Liverpool Victoria was established in 1843 as the Legal Friendly Society by William Fenton, a 36-year-old , and a group of his friends at 37 Blake Street in . The society's founding mission was to offer affordable funeral benefits to working-class residents in a rapidly industrializing marked by stark social divides, enabling low-income families to save small weekly amounts—often just a penny—for burial expenses through simple life assurance policies. As a mutual society, it was owned and governed by its members rather than external shareholders, with benefits distributed directly to policyholders based on collective contributions. The society experienced rapid initial growth, attracting thousands of members in its first few years by addressing the acute need for accessible end-of-life provision among the urban poor, who often faced pauper burials without such support. By the mid-19th century, it had expanded operations beyond Liverpool to other industrial centers, establishing branches in cities like Manchester and Birmingham to serve growing working-class populations. This decentralized model relied on local agents collecting premiums door-to-door, which facilitated widespread adoption and solidified its role as a key mutual aid institution. A significant milestone came with the adoption of the name Liverpool Victoria Friendly Society in 1916, reflecting its maturing identity and alignment with national institutions. The society's funds underscored its financial stability and expanding influence by the early . The passage of the Friendly Societies Act 1896 further empowered such organizations by streamlining registration, enhancing governance, and permitting broader insurance offerings beyond basic burial cover, laying the groundwork for future product development while preserving the mutual ethos.

Expansion and product diversification

In 1930, Liverpool Victoria relocated its head office from to Victoria House in , , to better accommodate the growing volume of business being transacted in the capital and improve operational efficiency. This move supported the society's expansion beyond its northern roots, managing over 13 million policies by that time. Further enhancing efficiency, the headquarters shifted to in 1996 following the acquisition of the Frizzell Group, which allowed integration of new operations in a more centralized southern location. The National Insurance Act of 1911 prompted significant adaptation among friendly societies, including Liverpool Victoria, which registered as an approved society to administer state-mandated contributions. This enabled the introduction of and sickness benefits, supplementing its core burial protection offerings and positioning it within the emerging national welfare framework. By the , the society had diversified further into life assurance policies and endowment plans, reflecting broader demand for long-term financial security amid economic changes. During , Liverpool Victoria maintained continuous operations despite the disruptions of air raids and economic pressures, with its headquarters enduring . Post-war recovery saw accelerated growth, particularly in pensions and investment products during the economic booms of the 1970s and 1990s, as societal shifts toward boosted demand for mutual savings schemes. The 1996 acquisition of Frizzell marked entry into , including home and motor coverage, broadening the product range beyond life and health protections. Liverpool Victoria had grown to serve over 5.5 million customers, underscoring its transformation into a national insurer while preserving mutual principles such as profit-sharing through bonuses and dividends returned to policyholders.

Rebranding and recent transformations

In 2007, Liverpool Victoria underwent a significant to LV=, aimed at modernizing its image and emphasizing its expanded range of beyond its origins as a . This change, which included a new and shorter name, was part of a £2 million initiative to position the organization as a more contemporary provider in the competitive market. By 2020, LV= completed its deregistration as a under the and Markets Act 2000, converting to a named Liverpool Victoria Limited on January 2. This transition allowed greater operational flexibility while preserving mutual principles, particularly for its and pensions businesses, where members retained ownership and benefit-sharing rights. In 2021, LV= members voted against a proposed £530 million sale of its , pensions, and savings operations to , with 69% approval falling short of the required 75% threshold. The rejection preserved the organization's mutual status and averted a potential , amid widespread member concerns over the deal's implications for long-term policyholder benefits and the erosion of mutual values. Following the failed transaction and amid ongoing financial challenges, LV= appointed David Hynam as CEO on September 26, 2022, succeeding Mark Hartigan. Hynam, with prior executive experience at and Friends Life, was tasked with steering the company through market volatility and strategic repositioning. Financially, LV= reported a pre-tax loss of £265 million in 2022, attributed to investment market volatility and economic fluctuations impacting its IFRS results. The organization rebounded in subsequent years, achieving £55 million in operating capital generation from continuing operations in 2024—a 57% increase from £35 million in 2023—alongside £29 million in member bonuses distributed to 280,000 eligible members. In early 2025, LV= disclosed paying out nearly £137 million in personal claims for 2024, supporting almost 8,000 individuals and families, with a 95% claims rate across its protection products. Later that year, on , a cybersecurity incident compromised through Allianz's EBS system, affecting LV='s partnership for services and exposing policyholder information to a criminal hacking group.

Corporate structure

Mutual origins and governance

Liverpool Victoria traces its roots to , when it was established as the Liverpool Legal , a designed to provide affordable for working-class families in . As a mutual society, ownership resides exclusively with its policyholders, who become members upon purchasing qualifying products, ensuring that the company prioritizes long-term member interests over external demands. Profits generated are reinvested or distributed back to members as bonuses, rather than paid out as dividends to shareholders, embodying the core mutual principle of collective benefit. On 2 January 2020, Liverpool Victoria Limited converted from a to a , a structural change that preserved member ownership and mutual principles while providing greater operational flexibility. The structure of Liverpool Victoria is outlined in its , which detail the election of directors by members and the conduct of annual general meetings (AGMs) and special general meetings for key decisions. The board consists of an independent non-executive chair, executive directors including the chief executive and , and independent non-executive directors, all subject to re-election by members at AGMs to maintain . As a mutual insurer, the organization complies with (FCA) regulations, including those specific to mutual societies, ensuring robust risk management, transparency, and protection of member interests through supervised internal controls and reporting. Members benefit from this mutual framework through annual bonuses drawn from surplus funds and voting rights on significant matters, such as the 2021 proposal to sell the life and pensions business to , which was rejected by members failing to meet the required 75% approval threshold. For instance, in 2025, Liverpool Victoria distributed £29 million in bonuses to approximately 280,000 eligible members based on 2024 performance, contributing to a cumulative total of £414 million shared since 2011. These benefits underscore the member-centric model, with voting empowering policyholders in strategic decisions. Post-2020, Liverpool Victoria has retained its mutual status for its core life assurance and pensions operations, even after divesting its business to in 2019, which allowed focus on member-driven priorities without altering the . This evolution reinforces a approach centered on member-focused , avoiding and upholding the society's founding amid industry challenges.

Ownership changes and challenges

In 2021, Liverpool Victoria (LV=) faced a significant threat to its mutual structure through a proposed acquisition by Bain Capital Credit, valued at £530 million for its savings, retirement, and protection businesses. The deal, announced in December 2020, aimed to demutualize the society by transferring ownership to the private equity firm while providing member payouts of £100 each and retaining the general insurance business under a separate mutual entity. However, concerns arose among members regarding the erosion of mutual benefits, such as policyholder ownership and long-term value, as well as potential job losses and the shift to profit-driven private equity control. On December 10, 2021, at a special general meeting, 69% of the 174,240 voting members (about 15% of the total 1.16 million membership) supported the proposal, but it fell short of the required 75% threshold for approval, leading to its rejection. The proposal drew intense regulatory scrutiny from the (FCA), which emphasized the need for fairness to members and challenged LV= on its communication and valuation processes. The FCA required court approval for the and Part VII transfer of business, appointing independent experts to assess the transaction's equity, and confirmed it would not block the deal if member approval was secured but highlighted risks to in mutual-to-private transitions. Ongoing compliance with directives has been crucial for LV= as a mutual, ensuring capital adequacy through regular and Financial Condition Reports (SFCRs) that demonstrate robust and solvency ratios, such as 195% in recent assessments, without necessitating ownership changes. Financial pressures exacerbated challenges to the mutual model in the early , with LV= reporting a £265 million loss before and member bonuses in , driven by equity market downturns, high , and volatile returns. To address these, the undertook strategic cost-cutting measures and restructured its operations. These steps helped mitigate solvency risks under while preserving the mutual framework. By 2024-2025, LV= demonstrated resilience in its mutual structure, achieving a 57% increase in operating capital generation to £55 million from trading operations, alongside a profit before of £51 million and a capital coverage ratio of 192%. This growth, supported by diversified lines and prudent capital management, reinforced stability without diluting member ownership, as evidenced by a £29 million member bonus distribution. In the broader insurance landscape, LV='s rejection of contrasts with historical cases like the Equitable Life's 2001 collapse and wind-up, underscoring the society's commitment to mutual principles amid industry trends toward consolidation, similar to how has sustained its mutual status through member-focused governance.

Acquisitions and partnerships

Major acquisitions

In 1996, Liverpool Victoria acquired the Frizzell Group, a company founded in 1923 that specialized in motor and brokerage. This purchase expanded Liverpool Victoria's capabilities into , significantly increasing its in those sectors and marking its entry beyond life assurance. The year 2001 saw two key transfers that bolstered Liverpool Victoria's life assurance and offerings. It acquired Permanent Insurance Company Limited from Equitable Life for £150 million, adding expertise in critical illness, income protection, and life cover products. Simultaneously, it purchased the Royal National Fund for Nurses (RNPFN) for £248 million, incorporating a specialized scheme for healthcare professionals and distributing approximately £200 million in windfall benefits to policyholders. In 2016, Liverpool Victoria completed the acquisition of Teachers Provident Society (trading as Teachers Assurance), a mutual founded in 1877 focused on and pensions for the sector. This deal transferred the majority of its business, including over 100,000 policies, thereby strengthening Liverpool Victoria's position in sector-specific pensions. Throughout its history, particularly during consolidations in the and , Liverpool Victoria executed over 20 transfers of engagements from smaller friendly societies, such as the Liverpool Protective Assurance & Burial Society (1903) and others, fostering organic membership growth without full-scale mergers. These transfers allowed smaller entities to integrate their policy books into Liverpool Victoria's operations, enhancing scale while preserving mutual principles. Post-acquisition, Liverpool Victoria focused on strategic integrations, including upgrades to unify systems and product to ensure alignment with its mutual . For instance, after the Frizzell acquisition, it relocated its headquarters to and streamlined processes. Similar efforts with Teachers Provident involved ring-fencing acquired funds while incorporating policies into core offerings, maintaining policyholder benefits.

Key divestitures and alliances

In 2019, Liverpool Victoria Friendly Society (LV=) agreed to sell its remaining 51% stake in the LV General Insurance Group (LV=GIG) to , following the initial 2017 formation of the partnership where Allianz acquired a 49% stake for £500 million. The 2019 transaction, valued at up to £578 million, completed in early 2020 and fully transferred responsibilities to Allianz, while LV= retained control over brand distribution, customer relationships, and sales channels for products. Under this structure, Allianz managed key operational aspects such as claims processing, pricing, and risk , enabling LV= to leverage Allianz's expertise without direct involvement in those areas. LV= expanded its partnership network in the early 2020s through white-label arrangements for products. Collaborations with Financial Services, ongoing since 2009, involved LV= providing over-50s life cover, car , and other policies distributed via ASDA's retail channels and online platforms under the ASDA Money brand. LV= previously maintained a long-term alliance with , established in 2008 and renewed in 2014, to underwrite motor, , and products offered through Nationwide's branches and digital services as white-label options; this partnership has since concluded. These partnerships allowed LV= to access broader customer bases without building new distribution infrastructure, focusing on product provision while partners handled front-end sales. In April 2023, LV= appointed as its asset management partner to manage investments and enhance retirement offerings. In October 2023, LV= launched products in collaboration with . In January 2025, LV= launched 'Platform Services' in partnership with Embark to support financial advisers. Also in January 2025, initiated plans to merge claims operations between Allianz Personal (including LV=) and Allianz Commercial. In November 2025, a in 's EBS systems compromised customer information linked to LV= policies, affecting approximately 750 customers (80 current and 670 previous) through the shared infrastructure. The incident, confirmed by (which operates LV=GIG), involved unauthorized access to for personal lines insurance such as , , , and but did not impact LV='s core life assurance systems; contacted affected customers, offered support, and reported the breach to the (). In response, both entities implemented enhanced cybersecurity measures, including joint audits and improved data segmentation protocols within the . These divestitures and alliances supported LV='s strategic shift toward its mutual roots in life assurance, savings, and investments, releasing capital from non-core operations to bolster solvency and fund member-focused initiatives under regulatory constraints for mutual societies. By and leveraging partner networks, LV= improved operational efficiency and capital allocation, aligning with its emphasis on long-term financial protection products.

Business operations

Life assurance and savings products

Liverpool Victoria, operating as LV=, provides a range of life assurance products primarily focused on to offer financial protection for policyholders and their families. The company's core offerings include level , which pays a fixed sum upon the of the policyholder within a specified period, and decreasing , designed to cover reducing debts such as mortgages. These plans are available for individuals aged 18 to 80 at entry, with coverage terms up to age 84 or 40 years, and premiums starting from £5 per month. While LV= previously offered whole-of-life and over-50s plans, such as the 50 Plus policy guaranteeing a payout regardless of age at death, these products are no longer available for new customers as of 2025. Existing policyholders with these legacy plans continue to benefit from coverage, emphasizing the company's commitment to long-term protection for older demographics. In addition, LV= introduced the Lifestyle series in 2023, comprising Lifestyle and Drawdown Lifestyle lifetime mortgages, which allow homeowners aged 55 and over to access property equity without monthly repayments, featuring options like Inheritance Protection to safeguard inheritance for beneficiaries. For savings products, LV= offers tax-efficient options tailored to retirees and long-term savers, including the LV= ISA, a and shares individual savings account that invests in smoothed managed funds to mitigate market volatility and provide steady growth. These funds employ a mechanism, averaging investment performance over six months to reduce short-term fluctuations, with eligibility for residents aged 18 to 84 and minimum investments from £1,000 lump sums or £100 monthly. The company also provides the Smoothed Bond, a single-premium with-profits whole-of-life bond focused on capital security and growth for . As a mutual society, LV= distributes surpluses through bonus additions to with-profits policies, enhancing payouts for eligible members without shareholder dilution. In 2024, the board declared a £20 million mutual bonus (contributing to a cumulative £329 million in mutual bonuses since 2011), while total bonuses distributed were £29 million to 280,000 eligible members via regular and terminal bonuses on qualifying policies (bringing the cumulative total bonuses to £414 million since 2011). This structure underscores the mutual advantages, such as the 4.60% exit bonus rate confirmed in December 2024 for with-profits funds. LV='s reliability in life assurance is demonstrated by its processing of nearly £137 million in claims in , an increase of £2 million from 2023, supporting almost 8,000 individuals and families with a 95% payout rate across life, critical illness, and income policies. Products are distributed directly through the LV.com website for quotes and purchases, as well as via independent financial advisors (IFAs) and brokers, with a strong emphasis on the over-50s demographic that forms the majority of its customer base.

General insurance services

LV= offers a range of non-life insurance products, including home, car, travel, and pet coverage, all distributed under the LV= brand. These policies provide comprehensive protection tailored to personal needs, such as buildings and contents for homes, third-party liability and comprehensive options for vehicles, multi-trip and single-trip travel plans, and lifetime veterinary fees for pets up to specified limits. Since 2019, these general insurance products have been underwritten by following the completion of the acquisition of LV= General Insurance Group, with LV= licensing its brand to for continued use in the UK market. Under this partnership model, LV= handles customer acquisition and servicing to maintain its member-focused approach, while manages back-office functions, underwriting, and , allowing LV= to prioritize its mutual heritage in life and savings sectors. This structure has enabled seamless operations, integrating legacy elements like the 1996 Frizzell acquisition, which strengthened broker distribution channels for intermediary sales. In terms of market performance, LV= has been recognized for its customer-centric general insurance services, earning the Insurance Provider of the Year in , Best Insurance Provider in 2019, and Insurance Brand of the Year in 2021, reflecting high satisfaction in policy coverage and claims handling. The company was shortlisted for the Awards in 2025, underscoring ongoing competitive positioning in the personal lines sector. Additionally, integration of Frizzell has supported robust broker networks, contributing to a diverse distribution strategy beyond direct sales. In 2025, LV= responded to a data compromise at UK—operating as LV= —stemming from an Oracle EBS vulnerability disclosed in November, by notifying affected customers of the incident involving . The partnership emphasized enhanced digital claims processing capabilities, streamlining submissions and approvals through online portals to improve efficiency and member experience amid evolving operational challenges.

Investments and pensions

Liverpool Victoria offers a range of pension products tailored to , including Self-Invested Personal Pensions (SIPPs), pension schemes, and annuities. The LV= SIPP provides flexibility for individuals to manage their own investments within a personal framework, allowing transfers from existing pensions and access to a broad selection of funds. pensions are supported through solutions that include financial , guidance, and advice for scheme members and trustees, facilitating auto-enrolment compliance and member engagement. Annuities, such as fixed-term and enhanced options, convert savings into guaranteed income streams for a specified period or lifetime, with features like guaranteed maturity values to address longevity risks. In 2016, Liverpool Victoria integrated the business of Teachers Provident Society Limited (trading as Teachers Assurance), incorporating specialized pension plans designed for educators. This acquisition expanded the provider's offerings with tailored products for the teaching profession, including non-profit and with-profits policies that emphasize long-term security for members in education sectors. The integration preserved the mutual ethos of Teachers Assurance while enhancing Liverpool Victoria's capacity to serve niche professional groups through dedicated educator-focused retirement vehicles. The company's investment approach manages over £14 billion in as of 2024, with a diversified portfolio supporting its mutual model and obligations. Assets are allocated across equities (approximately 46%), fixed securities including bonds and gilts (43%), (7%), and cash or other holdings (4%), enabling balanced growth and risk mitigation for with-profits funds. This strategy prioritizes long-term stability, with the appointment of as primary asset manager, announced in 2023 and completed in 2024, to optimize performance across the portfolio. With-profits funds form a core element of Liverpool Victoria's offerings, pooling member contributions to distribute investment gains as bonuses while applying to reduce volatility. In , the company distributed £29 million in member bonuses from these funds, benefiting around 280,000 eligible policyholders and contributing to a cumulative total of £414 million shared since 2011. These bonuses reward mutual members for supporting business growth and reflect prudent in a challenging economic environment. Sustainability is integrated into Liverpool Victoria's investment strategy, with ESG factors incorporated into portfolio decisions to align with member values and regulatory expectations. Since 2020, the provider has emphasized responsible investing, including the addition of ESG-screened funds to pension options in 2019 and enhanced criteria in smoothed managed funds by 2021 to prioritize environmental impact, , and standards. This approach extends to the with-profits fund, where ESG considerations influence asset selection to promote long-term resilience and ethical growth.

Locations and infrastructure

Headquarters and administrative offices

The headquarters of Liverpool Victoria Financial Services Ltd (life and pensions) is located at County Gates, Bournemouth, Dorset, BH1 2NF, serving as the primary operational hub for its core financial services activities. LV= General Insurance, part of the Allianz Group since 2020 (operating under the LV= brand), is based at Stour House, Deansleigh Road, Bournemouth, Dorset, BH7 7DU. This facility supports general insurance functions, including IT infrastructure for digital services and customer contact operations, with a significant portion of the company's approximately 4,000 employees based in the Bournemouth area. Note that since the 2020 sale to Allianz, general insurance operates as a separate entity under the LV= brand, while life and pensions remain with Liverpool Victoria Financial Services Ltd. In late 2024, LV= General Insurance relocated to Stour House from Frizzell House at County Gates, where it had been based since the 1996 acquisition. The 2024 move for was driven by commitments to and adapting to post-2020 hybrid work patterns, integrating capabilities to enhance employee flexibility while reducing environmental impact. The new office features energy-efficient design elements aligned with broader goals to cut per employee by 50% by 2025 compared to 2019 levels across relevant scopes. Although specific certifications for Stour House are not publicly detailed, the relocation emphasizes lower carbon operations and sustainable working environments. Historically, Liverpool Victoria's administrative base began in Liverpool with its founding in 1843 at 37 Blake Street as a burial society. By 1930, the head office shifted to Victoria House in London's Bloomsbury Square to support national expansion amid managing over 13 million policies. The 1996 relocation to Bournemouth followed the acquisition of the Frizzell Group, whose campus provided expanded space and integrated general insurance operations, leveraging the region's economic advantages for financial services. This strategic choice facilitated cost efficiencies and access to local talent pools in Dorset's growing finance sector.

Distribution and customer access networks

Liverpool Victoria, trading as LV=, maintains a multi-channel distribution strategy that combines direct sales with intermediary networks to ensure broad customer access across the United Kingdom. Note that since the 2020 sale to , general insurance operates as a separate entity under the LV= brand, while life and pensions remain with Liverpool Victoria Financial Services Ltd. The company's direct channels include its online platform, LV.com, which was relaunched in to facilitate straightforward purchases of insurance and financial products. Customers can also engage via services for personalized advice and policy management, supported by dedicated contact centers. Additionally, LV= offers mobile applications such as the LV= SafeDrive app for telematics-based car insurance monitoring and the LV= My Car app for on-the-go policy access and claims reporting. Intermediary channels play a significant role, with brokers and independent financial advisers (IFAs) distributing a substantial portion of LV='s policy sales, particularly in . This broker-led approach leverages an extensive network of UK-based partners to distribute products nationwide, enabling tailored recommendations and enhancing reach in diverse markets. LV= has forged strategic partnerships to expand its distribution footprint, including co-branded offerings with retailers like for road rescue and products. Collaborations with building societies, such as Nationwide, further integrate LV='s life assurance and savings options into broader ecosystems. Following the 2020 completion of Allianz's acquisition of LV='s business, integration efforts have streamlined quote generation and policy issuance through shared digital platforms, benefiting both direct and broker channels for . In terms of digital evolution, LV= has invested in customer-facing technologies to improve personalization and accessibility, utilizing since the early 2010s to deliver targeted communications and support digital claims processing. A dedicated broker portal enhances intermediary access to quotes and servicing tools, supporting seamless interactions. The company's regional coverage emphasizes nationwide availability through its extensive broker network, aligning with its mutual heritage to promote .

Branding and public image

Rebranding to LV=

In 2007, Liverpool Victoria rebranded to LV= to address its outdated image and low market awareness, shifting to a more concise name that appealed to younger demographics while simplifying its . The move was driven by the need to refresh the without altering its core mutual values, emphasizing emotional resonance and stability in a competitive landscape. The new visual identity centered on a green heart logo, where the "V" was stylized as a heart shape with rounded ends in light green, symbolizing care, trust, and well-being, while the "=" evoked equality and the word "love" through its resemblance to "LOVE" minus the "O." This softer, more approachable design marked a departure from previous sharp-edged logos, with the company adopting the lv.com domain to enhance its online accessibility and focus. Implementation involved a bold launch in March 2007, including a £2 million for a phased rollout across products, materials, and offices, alongside targeted communications to members highlighting the preservation of the society's mutual heritage and friendly roots to maintain trust. The rebranding boosted brand recognition, elevating spontaneous awareness from 2% and repositioning LV= as a modern, customer-focused entity, which contributed to its 2024 Highly Commended recognition for Overall Excellence at the Engage Awards, reflecting sustained positive market perception.

Sponsorships and marketing campaigns

LV= has maintained a prominent presence in sports sponsorships, particularly in , to enhance brand visibility and align with community-oriented values as a mutual society. The company first entered sponsorship in 2002 through its acquisition of Frizzell, which became the title sponsor of the until 2005. LV= then directly sponsored the from 2006 to 2015, extending the partnership through multiple renewals that underscored its commitment to the domestic game. This relationship resumed in 2021 as the title partner for both the and international Test matches, including the , where LV= Insurance served as the official title sponsor for the men's series between and . These deals, which ended after the 2023 season, highlighted LV='s role in supporting grassroots and elite , fostering connections with fans across the . Beyond sports, LV= has engaged in charitable and community-focused campaigns that reflect its mutual ethos. In 2025, the company sponsored a tail as part of a initiative, designed exclusively by a local university art student and unveiled in April to support community causes. This effort built on LV='s broader "LV= Together" program, which promotes collaborative philanthropy and ties into the brand's emphasis on member-driven impact. Earlier campaigns, such as the "From the Heart" series launched in the late , emphasized emotional around and , evolving into recent promotions like the 2025 "Investing from the Heart" initiative. This campaign positions LV= as a partner for mutual members, highlighting how investments benefit over a million policyholders collectively. LV='s marketing strategies leverage both traditional and digital channels to target key demographics, particularly those over 50, with themes of security and simplicity. Television advertisements, such as the 2025 "Investing from the Heart" spot, feature relatable narratives about mutual membership and everyday financial protection, reinforcing the brand's approachable image. Complementary digital efforts, including mobile-optimized campaigns for the 50 Plus life insurance plan, have driven engagement among older audiences by addressing protection needs without medical underwriting, with internal data showing 35-40% of such customers accessing via mobile devices. These integrated approaches, often starring familiar figures like Cilla Black in earlier 50 Plus ads, focus on peace of mind for families and . The cumulative impact of these sponsorships and campaigns has strengthened LV='s public perception, contributing to industry recognition for customer-centric branding. In 2024, LV= General Insurance received accolades at the Insurance Times Awards for innovative partnerships in claims management, while its overall strategy earned a shortlist nomination for Insurance Brand of the Year in the 2025 Which? Awards, crediting the relatable, member-focused promotions for high scores. This visibility has helped sustain LV='s position as a trusted mutual provider, with protection claims payouts reaching nearly £137 million in 2024. In November 2025, LV= faced a claimed by the group, exploiting a in E-Business Suite software, potentially impacting customer data. The incident, reported on November 4, 2025, is part of a broader wave of attacks on insurers and prompted notifications to affected parties, though LV= has emphasized ongoing investigations and measures.

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