LV=, the life and pensions mutual insurer, has become the latest member of the Association of Financial Mutuals (AFM), a trade body representing not-for-profit and mutual insurers, friendly societies, and other financial mutuals in the country.
The AFM board unanimously approved the application of LV= to become its 45th member, acknowledging the company’s commitment to maintaining strong mutual credentials and promoting corporate diversity.
David Hynam, CEO at LV=, said: “Mutual organisations play an essential part in delivering financial confidence across all parts of society, striving to deliver the best financial outcomes for members.
“Mutuals provide diversity of choice and make our life and pensions market more resilient.
“It is essential that mutuals compete on a level playing field and that policymakers understand the necessity to update the rules and regulations that govern the sector so mutuals can thrive.
“As LV= approaches its 180th year, I am delighted that we are adding our voice to the fantastic work the AFM and its members are already doing.”
Stuart Tragheim, chair of the AFM Board and CEO of Holloway Friendly, added: “The AFM Board was delighted to welcome LV= to the AFM and approve its application.
“LV= and AFM have been in dialogue for a number of months and the AFM Board has been impressed by the LV= leadership’s commitment to maintaining strong mutual credentials.
“They are also enthusiastic about engaging with the rest of the mutual sector, and their commitment will make a real contribution to our work making the case for mutuality and promoting corporate diversity in the best interests of mutual members across the UK.”
