LV Group, formerly Liverpool Victoria, is the UK's largest remaining mutual or "friendly society", now with around 5.8m customers, including 1.1m members. Unlike most such associations, which traditionally focus on savings and investments, LV generates the largest part of its income from insurance, primarily motor vehicles, but also life and retirement protection, household and other general covers. It had 4.7m policies in-force by the end of 2015, of which over 3m were for personal motor cover. LV has expanded this side of the business dramatically since recruiting former Barclays executive Mike Rogers as chief executive in 2006, partly through acquisition of smaller rivals. As a result, it is now the UK's 3rd largest car insurer, and a top provider of income protection insurance. Rogers also masterminded the reboot of the old-fashioned Liverpool Victoria brand as LV=. He was succeeded as chief executive by Richard Rowney (also ex-Barclays) in 2016. Total income in 2015 was £2.2bn, lower than in previous years as a result of investment losses, but net profits and payouts to members were up sharply. The organisation was originally founded in 1843 as The Liverpool Victoria Burial Society to allow ordinary people to save up to pay for their funeral expenses. Adbrands does not currently offer a business profile for this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Who are the competitors of LV Group? See Financial & Insurance Sector for other companies
Capsule checked 26th February 2017
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