Under Rogers’ stewardship, since 2006 the mutual has turned an operating loss of £20.1m into a profit of £195m while growing total assets from £8.2bn to £14.5bn.
LV restructured its business in 2007 by closing down its banking operation which was followed by the winding down of its IFA division in 2008. During the past decade, several acquisitions have made to bolster LV’s portfolio of products including Highway and Britannia Rescue in 2008 and a majority shareholding in Wealth Wizards, the online pension adviser, in 2015. A further acquisition is planned of the majority of the Teachers Assurance business lines this year.
“It’s been a privilege to lead LV for a decade, alongside a great team,” said Rogers. “Ten years is a significant milestone and it now feels the right time to let a new team shape the next decade. LV will always be special for me and I look forward to seeing its members, customers and people thrive.”
Chairman Mark Austen extended his thanks to Rogers on behalf of the board congratulating him for the ‘outstanding service’ he has provided to the company.
“Under his leadership LV has been transformed into the successful and profitable financial mutual it is today with a special place in the financial services market,” he added.
LV has begun looking for a new CEO but has confirmed that Rogers will remain at the helm for the rest of the year and into 2017 if needed.