Everything about Liverpool Victoria Insurance
Liverpool Victoria (LV=) is one of the largest and most well-known insurance companies in the UK. Originally founded in 1843 as a burial society, it has grown into a major financial services provider offering a range of insurance and investment products. Here’s a comprehensive overview of Liverpool Victoria:
1. History and Background
Foundation: Liverpool Victoria was founded in 1843 as a burial society, intended to help the working class save money to cover funeral costs. It was established in Liverpool, which is reflected in its name.
Mutual Status: LV= operates as a mutual society, meaning it is owned by its members rather than shareholders. This structure allows the company to prioritize member benefits over profits.
Rebranding: The company rebranded to LV= in 2007, reflecting its modern approach and diversified portfolio, though its full legal name remains Liverpool Victoria Friendly Society Limited.
2. Products and Services
LV offers a wide range of financial products, primarily in the insurance and investment sectors. Its key offerings include:
General Insurance: LV= provides car, home, travel, and pet insurance. It is particularly well-known for its car insurance, which consistently ranks highly in customer satisfaction surveys.
Life Insurance: LV= offers life insurance products, including critical illness cover, income protection, and term life insurance.
Retirement and Pensions: The company provides pension products, including annuities and retirement planning services.
Investment Products: LV= offers investment products such as stocks and shares ISAs and bonds.
3. Ownership Changes
In recent years, LV= has undergone significant ownership changes. In December 2020, the company sold its general insurance business to German insurer Allianz for £1 billion. This sale included the transfer of LV=’s car and home insurance products to Allianz, though LV= retained its life insurance and pensions business.
Following the sale, LV= sought a partner to help support its mutual business. In December 2021, the company’s members voted against a proposed acquisition by Bain Capital, a US-based private equity firm. This decision left LV= as an independent mutual.
4. Member Benefits
As a mutual society, LV= offers various benefits to its members. These include access to special member services, discounts on insurance products, and the ability to vote on important company decisions, such as mergers and acquisitions.
5. Corporate Social Responsibility
LV is committed to corporate social responsibility, focusing on charitable giving, environmental sustainability, and supporting local communities. The company has engaged in various initiatives to reduce its carbon footprint and improve the wellbeing of its members and customers.
6. Awards and Recognition
LV has received numerous industry awards for its insurance products and customer service. Its car insurance, in particular, has been recognized for its quality and value for money. LV= has also been praised for its customer-centric approach and strong ethical standards as a mutual society.
7. Recent Developments
After the failed Bain Capital takeover, LV= has been considering its future strategy. The company has stated its intention to remain a mutual society and is exploring ways to strengthen its financial position while continuing to serve its members. The leadership team has also been focused on modernizing its life insurance and pensions business to meet changing customer needs.
8. Headquarters
LV is headquartered in Bournemouth, Dorset, England. The company also has offices in other locations across the UK.
9. Market Position
LV is one of the largest insurers in the UK, particularly in the life insurance sector. Following the sale of its general insurance business, LV= has shifted its focus to its core life and pensions products while maintaining a strong brand presence in the UK insurance market.
Liverpool Victoria (LV=) remains a significant player in the UK’s insurance industry, known for its customer-centric approach, strong ethical standards, and commitment to member benefits. Despite recent challenges, the company continues to evolve while retaining its mutual status and focusing on long-term growth.
