LV= confirms demutualisation with sale of pensions and insurance business to Bain Capital

£530m

Hope William-Smith
clock • 2 min read

LV= has agreed to sell its remaining pensions and insurance businesses to private equity firm Bain Capital for £530m.

The insurer said that, as a result of the deal, the capital available for distribution is expected to increase by up to 40% - capital which will be used to increase payments to with-profits members. In an announcement today (15 December) LV= confirmed all members will benefit from a cash payment to compensate for loss of mutual membership on the full completion of the acquisition, which is likely to be at the end of 2021. The acquisition, still subject to approval, was first reported in June with LV= confirming discussions with Bain Capital in October.  "As a newly standalone life ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

New occupational scheme launches; BSPS rescue proposals set out

New occupational scheme launches; BSPS rescue proposals set out

Former British Steel workers will be able to ‘reverse transfer’ their pots

Jonathan Stapleton
clock 14 March 2024 • 2 min read
Adviser insight on transitional tax-free amount certificates

Adviser insight on transitional tax-free amount certificates

'A blanket approach should not be taken'

Lisa Webster
clock 13 March 2024 • 4 min read
Spring Budget 24: FCA/TPR given more powers to push better DC value

Spring Budget 24: FCA/TPR given more powers to push better DC value

Chancellor to allow regulators to monitor DC performance

Jasmine Urquhart
clock 06 March 2024 • 1 min read