’As a mutual, members come first,’ says chief executive
LV= has announced it will be issuing £29m in member bonuses following the release of its latest financial results.
Published yesterday (27 March 2025), the results show that the firm secured a 57% increase in operating capital generation between 2023 (£35m) and 2024 (£55m), as well as an increase in new business sales of 4%.
While operating profit remained steady at £43m in both 2023 and 2024, the business saw a fall in profit before tax of 52%, down to £51m in 2024 from £107m in 2023.
Despite this, member bonuses of £29m will be delivered to 280,000 eligible members, totalling £414m since 2011.
‘Members come first’
Chief executive at LV=, David Hynam, said: “As a mutual, members come first. Since 2011, we’ve shared a total of £414m in member bonuses, of which £29m will be distributed to 280,000 eligible members as a result of our 2024 results.
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“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.”
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