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