LV has restructured its life business to bring its protection, retirement solutions and heritage businesses under one management team with effect from 1 July.
As a result of the restructure, the insurer has promoted John Perks to managing director of the life and pensions business.
Mr Perks is currently managing director of LV’s retirement solutions and heritage businesses and this new role will see him take on responsibility for all aspects of the insurer's protection business in addition to his current responsibilities.
He will report directly to Richard Rowney, group chief executive of LV.
A Fellow of the Institute of Actuaries and with 25 years of industry experience, Mr Perks originally joined the mutual society in 2007 as customer solutions director, covering all proposition development for the group’s life and pensions business.
Prior to LV he spent two years at Prudential UK as director of protection having previously held senior roles at Axa and Swiss Life.
Commenting on the restructure, a spokesperson for LV said: "The team has been looking at optimising efficiencies over the past few months such as finding savings on systems but currently no decision has been taken on job cuts.
"If we do take such a decision, we would consult our employees first. There will be no closure of any offices."
However Myles Rix, currently managing director of LV’s protection business, will be leaving the insurer to pursue new opportunities.
Mr Rix said: “I have hugely enjoyed my seven years with LV and I'm extremely proud of the achievements of my teams within that time.
"Together we have implemented new systems and grown both sales and profits, as well as satisfaction among financial advisers.
"Having worked alongside John for many years I know the business will be in good hands and I wish him and LV every success.”
Commenting on the restructure, Darren Cooke, director of Red Circle Planning, said: "There are now only a few insurers left, most of which are trying to bail out of life and pensions but it makes sense to have one strong brand focusing on what you do best."
LV's shake-up of their life business comes six months after Zurich announced plans to axe 240 jobs in an overhaul of their UK business.
Zurich announced a restructuring of its business in January, bringing together its life and general insurance businesses under a single leadership team.
Speaking back in March Peter Hamilton, head of retail operations at Zurich, told FTAdviser that financial advisers should not be affected by the reforms.
stephanie.hawthorne@ft.com
