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21.11 - 19:35
What is LV= and why does its takeover matter?
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What is LV=?
LV= is a pensions and life insurance mutual originally known as Liverpool Victoria. It was founded in 1843 with the original aim of allowing Liverpool’s poor to cover burial costs.
It has roughly 1.2 million members, 297,000 of which are “with-profits” policyholders, meaning they tend to receive payouts based on the performance of the business, and legally own LV= collectively.
Why does Bain Capital’s proposed £530m takeover of LV= matter?
The deal will mean abandoning its status as a mutual owned by its member-customers, and handing ownership to the private equity firm Bain Capital.
Campaigners are concerned that the takeover will result in worse payouts for customers and poorer customer service.
MPs also fear that private equity
Read more on theguardian.comAbout this in other media
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