LV= LV= update on Royal London discussions (1373B)

TIDM51II

RNS Number : 1373B

LV=

09 February 2022

LV= provides update on discussions with Royal London

LV= entered into merger discussions with Royal London at the start of the year. However, it has become clear to LV= that our different mutual models mean such a merger would not be in the best interests of LV= members. As a result, talks between the two companies have now ceased.

Seamus Creedon, LV= interim chair commented; "We thank Royal London for its engagement and we look forward to operating alongside it as part of a vibrant mutual sector. The strength of LV='s business performance over the past 18 months combined with its operational progress has strengthened the Board's belief in, and commitment to, the continuation of our status as an independent mutual.

"We have heard what our members have said about the importance of mutuality and the continuation of the LV= brand. We continue to maintain our strong capital position, are trading well and building a successful future for LV=, its members, employees and wider communities. We will shortly update our members on our business strategy and will continue to engage with them over the coming weeks and months."

Ends

For further information, please contact

 
 Jon Sellors (LV=)   07711 701 806   jon.sellors@lv.com 
 David Gwyer (LV=)   07798 796 907   david.gwyer@lv.com 
 Ed Berry (FTI)      07703 330 199   edward.berry@fticonsulting.com

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February 09, 2022 02:00 ET (07:00 GMT)

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