Discussions between Royal London and LV= regarding a potential merger have ceased, Royal London has confirmed.

The two firms were in ‘exploratory talks’ over a merger, following the failed acquisition of LV= last year by Bain Capital.

Members voted to reject the acquisition of LV= business by Bain Capital at the Special General Meeting in December 2021.

Royal London had previously said that it would expect a merger to offer LV= members the option to become members of Royal London.

However, discussions between Royal London and LV= have now broken down.

Commenting on the announcement, Royal London group chief executive, Barry O’Dwyer, said: “Mutuals are owned by their customers and are run for their benefit.

“Our offer to preserve LV=‘s mutuality through a merger with Royal London was based on an understanding that LV= did not have a viable future as an independent company.

“For Royal London’s customers and members, nothing changes. We remain committed to delivering great value products, backed up by market-leading customer service.

“We look forward to sharing a substantial level of profits with our eligible customers in April, as we normally do.”

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