He has served 13 years at the savings, investment and protection company.

The business, which has 5.8m customers, is now searching for a successor. In the meantime LV= chairman Alan Cook, will be executive chair.

Mr Cook said: “Richard Rowney has served LV=’s members, customers and staff with great distinction over the last decade and I thank him for all he has achieved.

“As managing director Life & Pensions he turned LV= into one of the UK’s leading specialist retirement and protection providers.  Most recently as chief executive he led the sale of LV=’s general insurance business and the process to convert from a friendly society to a company limited by guarantee.

“The board and Richard have agreed that the time is right for him to step down. The process to appoint a new chief executive is now underway and we expect to conclude this before the end of the year.”

Mr Rowney said: “After 13 memorable years with LV= and the successful sale of our general insurance business to Allianz, now felt like the appropriate time to step aside and seek a new opportunity outside of the society. 

“Our members continue to enjoy the benefits of being part of a strong and successful mutual organisation and I look back with pride at the strong and trusted brand that our people have worked so passionately to create.”

LV=  was established in 1843 and was originally targeted at people of “modest means.” It works with consumers directly and also via IFAs and brokers.