“We’re serving the mass affluent group which aren’t trying to pay bills with equity release, but are trying to access their house wealth,” Bolton explained.
A spokesperson from LV told FTAdviser that Bolton’s IT transformation, which is now in its third year, has given the LV board confidence it can deliver business as a standalone entity.
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The mutual had entertained a number of deals, including ones with private equity firm Bain Capital and rival mutual insurer Royal London.
But after the Bain deal wasn’t passed by members, LV was quick to dub any deal with Royal London unsuitable, and has now confirmed its intention to continue as an independent brand.
ruby.hinchliffe@ft.com
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