In its 2024 financial results announcement this week, ICMIF member LV= (UK) reported it had returned GBP 29 million to 280,000 eligible members in the form of member bonuses, which brought the total shared in this way to GBP 414 million since 2011.
LV= said its focused business strategy is delivering and returning value for members. The mutual’s Capital Coverage Ratio of 192% and increase in operating capital generation of 57% to £55 million, underscores the financial strength of the business and highlights its robust capital position.
David Hynam, LV= Chief Executive, said: “As a mutual, members come first. Since 2011, we’ve shared a total of GBP 414 million in member bonuses, of which GBP 29 million will be distributed to 280,000 eligible members as a result of our 2024 results.”
He continued saying: “I am also pleased to highlight a positive year in terms of driving down operating expenses by 4%. Members will appreciate that we are not only returning profits to them in the form of the member bonus, but we are also running the business efficiently on their behalf.
“Our financial performance is a result of our forward-looking strategic approach and points to the significant benefit of our diversified portfolio, which includes award-winning products, services and advice. We’ve seen positive sales growth across protection and equity release, and strong investment performance from our Smoothed Managed Fund range.”
Hynam explained his belief that the strength of the LV= brand continues, together with its recognition as one of the most recommended in the UK and said: “Our focus is on its growth and the future success it presents for our members. We look forward to exploring further brand partnership opportunities at the end of the general insurance brand agreement with Allianz which commenced in 2017.”
He concluded by saying: “We are well positioned to further enhance investment and financial performance. We remain steadfastly committed to doing the right things for our members, customers and advisers, and continuing to deliver for this and future generations to come.”
