LV= has appointed former Bupa and Friends Life UK CEO David Hynam as its incoming chief executive, subject to regulatory approval.
Hynam (pictured) has spent 30 years in financial services including the top roles at Bupa’s UK and Global operations and at Friends Life UK.
He joined Axa UK in 2001 in a senior operations role, overseeing operations for the UK and Ireland.
When Resolution acquired the majority of the UK life business from Axa, merging the business with the Friends Provident business to create Friends Life, he joined Friends Life as group chief operating officer (COO), leaving the firm as UK CEO in 2013.
The following year he joined Bupa UK and led the transformation agenda for its UK business as well as running the health clinics division.
His most recent role was as chief executive officer of Bupa’s UK and Global markets, which included all the UK businesses and international health insurance.
He joins LV= today and succeeds Mark Hartigan who announced his decision to step down as chief executive after two years in an interim role and will be leaving the business at the end of the month.
LV= revealed Hartigan would step down as interim CEO of LV= and as a member of the mutual’s board back in July.
He was appointed as interim CEO in 2019 to improve the commercial performance and fundamentals of the business and to complete a strategic review as instructed by the board which led to the £530m proposed deal with Bain Capital.
But shareholders failed to back the deal in December at a special general meeting with just 69% of LV= members who voted in favour of the proposed deal.
Announcing the appointment, LV= chairman Simon Moore said Hynam was the ideal candidate to help LV= continue to build a strong and sustainable future as a mutual life and pensions business.
“David brings with him a track record of hugely successful leadership in the insurance sector, while his extensive experience working with distribution partners, intermediaries and brokers, means he is a perfect fit for LV=’s mutual business model,” he said.
“As well as his commercial and technical knowledge of the insurance sector and financial services, it is David’s values-driven approach and strong track record of business transformation and growth that makes him the right person to lead LV= into the next exciting phase of its future as part of a resurgent mutual sector.
Moore also took a significant step away from the possibility of any future move to de-mutualise, adding: “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 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.”
Hynam added: “My priorities will be to work with the team at LV= to deliver a true mutual culture, realise LV=’s huge distribution potential and drive business performance so that we deliver the best possible outcomes for our members, advisers and colleagues.”