Liverpool Victoria, one of the largest UK insurers, has announced the resignation of company CEO Mike Rogers after his 10 years at the helm.
Rogers said he is stepping down as the chief executive of the biggest friendly society in UK to pave way for a new leadership in the company.
“It's been a privilege to lead LV=
for a decade, alongside a great team. Ten years is a significant milestone and it now feels the right time to let a new team shape the next decade,” Rogers said in a statement.
will always be special for me and I look forward to seeing its members, customers and people thrive,” he added.
Rogers will continue to lead the business for the remainder of the year to ensure smooth transition, according to Liverpool Victoria chairman Mark Austen.
“On behalf of my fellow board members, and I would hope our one million or more members, I would like to thank Mike Rogers for the outstanding service he has provided the Society over the last ten years,” Austen said.
“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.”
The company said Rogers has “completely reshaped and refocused” the business group into a leading composite insurer.
During his term, the company’s gross earned premiums increased from £630 million in 2006 to £2.4 billion in 2015 while total assets grew from £8.2 billion to £14.5 billion. A £20.1 million operating loss has been turned into a £195 million operating profit.
“A highly successful rebranding was undertaken 2007 and there has been significant growth in customers, profits, member returns and employee engagement over the last decade,” the insurer said.
In his decade of leadership, Liverpool Victoria’s business portfolio has been restructured through the closure of its banking operation in 2007 and independent financial adviser service in 2008.
Rogers also led the acquisition of Tomorrow, the retirement products business from Swiss Re; Highway Insurance Group and Britannia Rescue from the Civil Service Motoring Association.
Liverpool Victoria also acquired majority shareholding in Wealth Wizards Ltd in 2015 while the further acquisition of the majority of Teachers Assurance business lines has been planned in 2016.