Some comment has been issued by Royal London after the end of formal talks with LV=, which is quite spicy. Does Liverpool Victoria have a future as a standalone with-profits insurance entity? It’s worth considering that many people in work now have free Life cover as part of an employer benefits package, plus more convenient app-based cover, which can be varied as your life changes, has a wider appeal to the under 50s. Maybe the day of the fixed 10/15/20 year Life policy is coming to an end?
Barry O’Dwyer, Group Chief Executive of Royal London, said:
“Mutuals are owned by their customers and are run for their benefit. Our offer to preserve LV=’s mutuality through a merger with Royal London was based on an understanding that LV= did not have a viable future as an independent company.
“For Royal London’s customers and members, nothing changes. We remain committed to delivering great value products, backed up by market-leading customer service. We look forward to sharing a substantial level of profits with our eligible customers in April, as we normally do.”
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