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Catch up with the latest press releases from LV=

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Insurance and investment group LV= creates 350 new jobs

Press release: 31/01/2008

  • 350 new general insurance jobs across four locations

  • Life & pensions

    business more than triples in size through acquisition

  • Asset management

    business to double in size

Insurance and investment group LV= (formerly Liverpool Victoria) has just announced the creation of 350 new jobs as part of its ambitious plan to become a top five general insurer over the next few years.

The general insurance division of LV=, the UK's largest friendly society, achieved a 60% increase in car insurance sales last year, as well as acquiring Britannia Rescue, winning a new business partnership with InTune, part of Help the Aged, and launching a standalone broker proposition, ABC Insurance.

In addition, the life and pensions business of LV= has more than tripled in size this month with the acquisition of the former GE Life flexible retirement business from Swiss Re, completed on 31st December 2007. Annual life and pensions premium income has now leapt to around £100m.

The asset management business of LV= has also recently announced ambitious expansion plans planning to double in size. It launched 12 new investment funds this month, following a raft of new senior appointments made late last year.

This transformation of the mutual financial services group's ambition and performance started 18 months ago with the appointment of new CEO Mike Rogers, from the Barclays Group. Over that time Rogers has led a series of corporate acquisitions, disposals and senior appointments which have transformed the shape, ambitions and prospects of the group.

Mike Rogers, LV= Group Chief Executive, said : "The ambition and prospects of this business have been transformed in a very short timescale, in corporate terms. We are delighted to have created 350 new jobs across the country in our general insurance business, and we also expect several new roles to be created in our asset management business over this year.

"Our life and pensions business has also changed dramatically with our recent acquision. We've not only tripled in size to become a £100m annual premium business, but we now have an established and successful operation in the important new market sector of flexible retirement solutions."

General insurance growth
The new general insurance positions, which range from sales and customer services to technical management roles, will be available across various LV= locations including Bristol, where the majority of the new jobs are, plus Bournemouth, Croydon and Huddersfield.

Life and pensions acquisition LV= announced earlier this month that its life and pensions business had grown from around 250 people to almost 600, based in Bournemouth, Hitchin, Exeter and regional sales offices. This is largely the result of the successful acquisition of the new business operations of specialist annuities, pensions and equity release business Tomorrow (formerly GE Life), relaunched this month under the LV= brand..

Asset management new funds
Late last year LV= also announced plans to double the size of its asset management business, which manages around £8bn in assets for the LV= group. The asset management business has boosted its senior talent with a number of impressive hires last year, and has already launched 12 new funds this year to support the new flexible retirement solutions business.

Mike Rogers concluded: "We have driven a massive amount of change and progress in the last 18 months and we are now in great shape, with ambitious but realistic plans in place to deliver strong growth across all our markets. Despite a potentially testing year ahead for the UK economy, 2008 offers good growth opportunities for our unique business model. As a mutual organisation, with no shareholders to pay, we can focus all our attentions on our members and customers, and deliver the competitive products and leading investment returns that they crave."

LV= Corporate Development, May 2006 to January 2008

  • Mike Rogers appointed from Barclays as new CEO – May 2006.

  • Credit card business outsourced to Morgan Stanley – May 2006.

  • Acquisition of ABC Insurance and new general insurance management team, plus declaration of top five ambition – September 2006.

  • Rodney Cook appointed from Prudential as life & pensions MD – December 2006.

  • Richard Rowney appointed from Barclays as Group Chief Operating Officer – February 2007.

  • New brand launch and start of new TV advertising – March 2007.

  • Disposal of independent advice sales force to Lighthouse, and 10% strategic stake acquired in Lighthouse – March 2007.

  • Won general insurance partnership with Intune, Help the Aged's financial brand – May 2007.

  • Acquisition of Britannia Rescue from the csma completed – May 2007.

  • Signed option agreement to acquire from Swiss Re the former GE Life business – May 2007.

  • New general insurance broker business launched under ABC brand – June 2007.

  • Keith Abercromby appointed from NU as new Group Finance Director – July 2007.

  • Dennis Holt appointed as new Chairman – July 2007.

  • New URL acquired – www.lv.com – August 2007.

  • Announcement of asset management expansion plans – October 2007.

  • Exit from personal loans market – November 2007.

  • Completion of acquisition of Tomorrow from Swiss Re (31st December 2007) and relaunch of the flexible retirement business under the LV= brand – January 2008.

  • Appointment of Atos Origin as new IT outsource partner – January 2008.

  • New Board appointments – Richard Rowney and Keith Abercromby appointed as Executive Directors, Ian Reynolds appointed as new non-Executive Director.