Liverpool Victoria, commonly known as LV=, is one of the largest and most well-known insurance companies in the United Kingdom. Founded in 1843 as a friendly society, it initially provided burial insurance to help families cover funeral costs. Over time, LV= evolved into a comprehensive financial services organization, offering a wide range of insurance products and financial services.
Key Details:
- History and Origins:
- Founded in Liverpool in 1843 as “Liverpool Victoria Friendly Society.”
- Initially focused on providing affordable funeral coverage to working-class families.
- Over the years, it expanded its services to include life insurance, general insurance, pensions, investments, and retirement planning.
- Products and Services:
- Insurance: LV= offers a variety of insurance products, including car insurance, home insurance, life insurance, travel insurance, and pet insurance.
- Pensions and Retirement: LV= provides pension plans and retirement solutions, helping customers plan for their future financial security.
- Investments: The company also offers investment products, including ISAs (Individual Savings Accounts) and other savings plans.
- Ownership and Structure:
- LV= was historically a mutual organization, meaning it was owned by its members rather than shareholders. This mutual structure allowed the company to focus on its customers’ interests.
- In recent years, LV= underwent significant changes, including the sale of its general insurance business to Allianz in 2019 and later discussions about demutualization and the sale of its remaining business.
- Reputation and Market Position:
- LV= is well-regarded for its customer service and strong brand presence in the UK.
- It has won numerous awards for its insurance products and customer satisfaction.