Sale to Bain Capital gives LV= opportunity 'to accelerate growth'

On Tuesday morning (15 December) LV= announced it had 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. It also 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. Kennedy told Professional Adviser...