The management of LV= has been heavily criticised by MPs for failing to provide a clear and reliable picture of its capital position in light of its proposed sale to Bain Capital.
The firm's demutualisation has been the subject of an enquiry by the All-Party Parliamentary Group (APPG) for Mutuals. LV= had stated it needed a significant amount of investment to remain viable, but this has now scrutinised by the APPG. In 2019, LV= sold its general insurance business to Allianz for £1.1bn and MPs said this conflicted with the board's current statements. The APPG's report said: "In the space of one year, LV= has made a number of inconsistent statements to members in relation to its capital position. On the one hand, both before and after the Allianz deal was conclud...
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