Liverpool Victoria
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| Friendly society | |
| Industry | Financial services |
| Founded | 1843 |
| Headquarters | Westbourne area of Bournemouth, United Kingdom |
| Products | Insurance, savings, equity release |
| Website | lv.com |
Liverpool Victoria (which since May 2007 has traded as LV=) is one of the United Kingdom's largest insurance companies with over five million customers. It offers a range of products from car, home, pet, travel and life insurance to investment and retirement solutions. LV= is also the United Kingdom's largest friendly society, with 5,700 employees.
Liverpool Victoria Friendly Society Limited was founded in 1843 as a burial society, and for many decades Liverpool Victoria was most commonly associated with "penny policies" collected door to door by a cross country team of agents to provide a method of saving to people of modest means. Today LV= expresses its mission as enabling people to "look after what they love" by the provision of insurance, investment and retirement solutions.
It is incorporated under the provisions of the Friendly Societies Act 1992 and has its registered address, and head office, at County Gates, Westbourne, Bournemouth BH1 2NF. It is regulated by the Financial Conduct Authority and the Bank of England Prudential Regulation Authority.
As a mutual society, LV= has no shareholders and is owned by its members, who are all the policyholders of Liverpool Victoria Friendly Society Limited; holders of policies issued by subsidiary companies, for example car insurance, are not members.
Although LV= has no shareholders, it now has external bondholders following the issue in May 2013 of £350 million of subordinated debt. This debt, which carries interest at 6.5%, is due for repayment in 2043, although LV= has the option to repay it from 2023. The debt counts as lower tier 2 capital and is expected to be eligible as capital under the Solvency 2 capital regime which will apply to all EU insurance companies from 1 January 2016.
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Wikipedia