LV boss Mike Rogers to step down after a decade at the helm

Catherine Neilan
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LV's rebrand in 2007 has helped the business soar (Source: Getty)

The chief executive of the UK's largest friendly society LV is stepping down after 10 years in the role.

Mike Rogers is expected to stay on until early next year as he oversees a transition to his replacement.

LV heralded his many achievements over the decade at the helm, saying he had "completely reshaped and refocused the group to create a leading composite insurer".

During his time at the group, LV has undergone a major restructure including the closure of its banking operation in 2007 and IFA in 2008, as well as buying businesses such a Tomorrow in 2007, Highway and Britannia Rescue in 2008 and taking a majority shareholding in Wealth Wizards in 2015.

Later this year it is expected that LV will take a majority holding in Teachers Assurance business lines in 2016.

The business was also rebranded in 2007, leading to organic growth. Between 2006 and 2015, gross earned premiums jumped from £630m to £2.4bn while a £20.1m operating loss has been turned into a £195m profit.

Rogers said: "Ten years is a significant milestone and it now feels the right time to let a new team shape the next decade. LV= will always be special for me and I look forward to seeing its members, customers and people thrive."

Chairman Mark Austen added: "On behalf of my fellow board members, and I would hope our one million or more members, I would like to thank Mike Rogers for the outstanding service he has provided the society over the last 10 years.

"Under his leadership LV= has been transformed into the successful and profitable financial mutual it is today with a special place in the financial services market. The process to appoint a successor is underway and Mike Rogers will continue to lead the business for the remainder of the year, and into 2017 as required, to ensure a smooth transition."

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