LV= has followed through on a commitment to join the Association of Financial Mutuals (AFM).
The trade body which represents mutual and not-for-profit insurers, friendly societies and other financial mutuals across the UK unanimously agreed that LV= should become its 45th member at its most recent board meeting.
In October, LV= revealed it was planning to join the AFM as part of its ongoing commitment to maintaining its mutual status.
The issue has been a key one for the insurer in the wake of shareholders rejecting Bain Capital’s £530m bid to buy the insurer in late 2021 – a deal which would have seen LV= lose its mutual status.
And in a statement LV= said the move underlined its commitment to mutuality.
“LV’s Board and executive team are hugely supportive of mutuality and are focused on delivering excellent service and creating long-term value for our members,” the statement continued. “We look forward to working with the Association to further promote the mutual sector.”
David Hynam, CEO of LV=, (pictured) said: “Mutual organisations play an essential part in delivering financial confidence across all parts of society, striving to deliver the best financial outcomes for members.
“Mutuals provide diversity of choice and make our life and pensions market more resilient.
“It is essential that mutuals compete on a level playing field and that policymakers understand the necessity to update the rules and regulations that govern the sector so mutuals can thrive.
“As LV= approaches its 180th year, I am delighted that we are adding our voice to the fantastic work the AFM and its members are already doing.”
Stuart Tragheim, chairman of the AFM board and CEO of Holloway Friendly, said: “The AFM board was delighted to welcome LV= to the AFM and approve its application.
“LV= and AFM have been in dialogue for a number of months and the AFM board has been impressed by the LV= leadership’s commitment to maintaining strong mutual credentials.
“They are also enthusiastic about engaging with the rest of the mutual sector, and their commitment will make a real contribution to our work making the case for mutuality and promoting corporate diversity in the best interests of mutual members across the UK.“