LV=, Royal Liver merger to create £10-billion mutual fund giant: report
19 Oct 2009
Leading mutual financial services provider LV= is in merger talks with Royal Liver, its smaller rival, that could lead to a £10billion mutual fund giant with more than five million customers, say media reports.
LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.
Royal Liver, which specialises in life insurance, income protection policies and investment bonds, turned down a merger proposal from mutual insurer Royal London two years ago.
Since then it has gone from crisis to crisis, primarily with its financial adviser subsidiaries Park Row and Citadel. Park Row is in the process of being wound down. Royal Liver posted an operating deficit of £90,000 for the six months to June 30.
LV= is now a major player in the car insurance and retirement and policy markets. The group has also expanded through acquisitions, snapping up reinsurer Swiss Re's retirement solutions business in 2007, which drove an 83 per cent growth in life insurance new business income last year.
It employs more than 3,800 people, serves 3.6 million customers and members, and manages around £7 billion assets as of 31 December 2008.
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