Royal London has confirmed that its merger discussions with LV= have ended.

December saw Royal London begin talks with LV= over a possible merger following the latter’s members rejecting a takeover by the US private equity firm Bain Capital.

LV=’s chairman Alan Cook is stepping down, being replaced on an interim basis by Seamus Creedon, a non-executive director.

Barry O’Dwyer, group chief executive of Royal London, 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.”