LV= is planning to join the Association of Financial Mutuals 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 late last year – a deal which would have seen LV= lose its mutual status.
LV= CEO Mark Hartigan stepped down in the wake of the collapse of the deal and was succeeded by David Hynam late last month, who upon his appointment committed to delivering a “true mutual culture“.
And at LV=’s annual general meeting which took place yesterday, LV= chairman Simon Moore (pictured) underlined the commitment to mutuality.
Moore said: “To start with making mutuality work: I wasn’t around during the strategic review process – that happened a couple of years ago – but during that process the board concluded that the Bain deal was the best option for members.
“Members in the general meeting said they didn’t agree. They valued mutuality, and they valued membership. This board, your board, is committed to that mutual future. We are here to make a mutual future work for you.
“We have entered discussions about joining the Association [of Financial Mutuals], and I hope to conclude those satisfactorily over the next few months. It’s part of our commitment to the wider mutual community.“
But Moore also committed to establishing a new LV= online community to better engage with members across age groups, background and location in the country.
“[LV=CEO] David [Hynam] and I are very clear: LV= today, under new leadership, will hold transparency and fairness at the heart of what we do,“ Moore continued.
“We are going to build a company in the co-operative spirit, standing alongside one another as our founders in the nineteenth century did. This will be a truly successful company focused on your long-term benefit.”