07 April 2021

What’s the position of the LV= Board on report from the All-Party Parliamentary Group (APPG) for Mutuals into LV=’s proposed transaction with Bain Capital?

We have always been clear that the strategic review and proposed transaction with Bain Capital has been solely driven by considering what’s in the best long-term interests of members. This has been the guiding principle behind any decision made by LV=.  We welcomed therefore the opportunity to provide written and oral evidence to the APPG explaining why Bain Capital was singular in offering an excellent financial outcome for members as well as an unrivalled and long-term commitment to our future prospects, business and people. 

We are disappointed by the findings of this report.  We have always recognised the importance of providing our members with all of the information they need to make an informed decision in advance of the vote. This continues to remain our absolute priority and we are finalising a comprehensive information pack with the regulator - which will include reports from an Independent Expert and With-Profits Actuary – and look forward to sharing it with members. We will also provide all members with another opportunity to pose any further questions through a webinar, the date and details of this well be confirmed in due course.

11 February 2021

Eligibility Criteria

Today we are announcing that the LV= Board have agreed details on the eligibility criteria for the two different payments for members as part of the Bain Capital transaction. Details on the value of these payments will be shared with members, when we invite them to vote on our proposals this year.

The one-off member compensation payment will be made to all eligible members who hold an active policy when the transaction with Bain Capital completes; this is the date when Liverpool Victoria Financial Services Limited (LVFS) will transfer its business to Bain Capital.

The second payment is for With-profits members only, where they will, on top of the member compensation, also receive an enhanced policy payout when their policy comes to an end.

We expect the one-off member compensation payment to be made early in 2022 once the member, regulatory and legal processes have fully completed. Additionally, from that date the enhanced policy payouts will start to be made for policies coming to an end.

The actual amount of these payments will be determined by the Board after consultation with the With-Profits Committee. The Board’s decision will also be reviewed by an Independent Expert to ensure that the Board has achieved its primary aim of being fair to all members. 

Read the FAQs about eligibility.

8 February 2021

Member Virtual Event

We're delighted that our members joined us for our Member Virtual Event at midday on Wednesday 3 February.

For more information and content from the day visit our Event page.

Read the FAQs added on 8 February 2021

15 December 2020

Formal announcement

On 15 December 2020 we formally announced that we had reached an agreement with Bain Capital.

A copy of our letter to LV= members

Our press release

FAQs following the announcement