Victoria and Royal Liver ‘to merge’
BRITAIN'S two biggest friendly societies, Liverpool Victoria and Royal Liver Group, are reportedly in talks to create a £10billion mutual organisation with nearly five million members.
Both declined to comment but according to reports they are in early stage negotiations about a tie-up.
Liverpool Victoria, founded in 1843 and recently rebranded as LV=, is the largest friendly society with £7billion of assets and 3.2million members.
It is almost twice the size of 159-year-old Royal Liver, with nearly £4billion of assets and 1.7m members.
Speculation of a deal follows the departure in August of Royal Liver chief executive Steve Burnett after seven years. Since then the Liverpool-based company has been run by chairman David Woods.
Last month Bournemouth-based LV unveiled a deal with Asda that will see the supermarket take on the big insurers by offering life insurance provided by LV. The two already work on car breakdown cover through the society’s Britannia Rescue brand.