"The LV= brand is as strong as ever and isn’t going anywhere; it’s recognised as one of the most recommended brands in the UK. Our focus is on growth and the future success it presents for our members."
Last week, Allianz told employees in its UK insurance arm that 650 jobs will be cut due to ‘difficult market conditions’. Media outlets have reported that jobs will be eliminated from Allianz’s commercial, speciality, and personal insurance business.
Earlier this year, the mutual announced that LV= General Insurance (LV=GI), acquired by Allianz in 2020, will leave the personal lines market, rebranding to Allianz UK.
This decision was classified as a ‘brand risk’ in Allianz’s Annual Report & Financial Statements for the year ended 31st December 2024, which includes its strategic report - signed by Ulf Lange, chief financial officer - on behalf of the board.
Protection Reporter can confirm that Allianz has since modified this document to remove “potential commercial impact of pivoting away from the LV= brand for personal lines business” as a brand risk.
“Brand Risk – as a significant global financial services brand, the Company is exposed to the risk of negative media coverage and stakeholder perception, either as a result of external events, or as a result of its own activities, including the potential commercial impact of pivoting away from the LV= brand for personal lines business.”
In December 2017, Allianz acquired a 49% stake in LV= General Insurance (LV=GI), securing a further 20.9% stake in 2019. As part of the transaction, LV= had a put option under which it could sell all or part of its remaining shares to Allianz at any time – eventually selling the final 30.1% for £365mn.
At the time, Richard Rowney, CEO of LV=, said: “We have successfully grown the value of our GI business to more than £1bn, and this deal enables us to realise that value for the long-term benefit of our members as well as strengthening our overall capital position.”
Allianz rebranded its existing digital motor insurance product, Flow, and LV= Broker in 2024. On the 28th February 2025, the mutual confirmed that LV= will be leaving the personal lines market, rebranding to Allianz UK.
Not long after Allianz completed its acquisition, LV= announced the £530mn sale of its savings, retirement, and protection business to Bain Capital. When that fell through, LV= turned to Royal London for a possible deal between the two firms.
An LV= spokesperson told Protection Reporter, “The LV= brand is as strong as ever and isn’t going anywhere; it’s recognised as one of the most recommended brands in the UK. Our focus is on growth and the future success it presents for our members.
“LV= has a diverse, but specialised range of product offerings from equity release to smoothed managed funds, to protection. LV= is a life and pensions provider. Allianz owns the LV=GI business and licenses the LV= brand.”
Allianz hasn’t replied to requests for comment.
