Hynam will take on the role from today and his appointment is subject to regulatory approval.

He joins from HomeServe where he has worked for over eight years and has been chairman for nearly five years.

Prior to that he worked for Bupa for over seven years, most recently as chief executive for the company’s UK and global markets.

Before that, he was UK chief executive and group operating officer for Friends Life Group for around three years and previously, he worked at Axa for nearly a decade in various senior roles.

Hynam takes over from Mark Hartigan, who was interim chief executive for two years.

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During his tenure at LV= the company was subject to a strategic review, and a takeover from private equity firm Bain Capital was suggested.

The company said this would lead to an extra £212m in extra distribution for members, but the proposed deal was rejected in December last year.

 

‘A truly market-leading executive’

Simon Moore, who was appointed LV= chair earlier this year, said with Hynam LV= had acquired a “truly market-leading chief executive”.

He continued: “He is the ideal candidate to help LV= continue to build a strong and sustainable future as a mutual life and pensions business and that our mutual values thrive for the benefit of our members.

“David brings with him a track record of hugely successful leadership in the insurance sector, while his extensive experience working with distribution partners, intermediaries and brokers, means he is a perfect fit for LV=’s mutual business model.”

He added that his “values-driven approach and strong track record of business transformation and growth” made him a good candidate to lead LV= in to the “next exciting phase of its future”.

Moore said that he looked forward to introducing David at the annual general meeting in October and that he would give an address to its members to outline the steps Hynam and Moore will take to “demonstrate that transparency and fairness will be at the heart of our mutual business going forward”.

Hynam added: “LV= is both a trusted brand and a company with a fantastic purpose. I am excited to be part of the future growth of LV= and look forward to driving opportunities, whilst meeting challenges head on.

“My priorities will be to work with the team at LV= to deliver a true mutual culture, realise LV=’s huge distribution potential and drive business performance so that we deliver the best possible outcomes for our members, advisers and colleagues.”