Mr Hynam was previously CEO of BUPA's UK and global markets business.

He replaces Mark Hartigan who stepped down as CEO after two years in an interim role. Mr Hartigan will leave the provider at the end of this month.

Mr Hartigan stepped down following an aborted takeover of the mutual by investment business Bain Capital.

LV= has suffered uncertainty over a series of botched takeover and merger plans.

At one point, Royal London and LV=, both mutual providers, discussed merging but this was later abandoned.

Mr Hynam’s previous roles also include UK CEO of Friends Life and chief operating office of Axa. His appointment remains subject to regulatory approval. He joined the provider this morning.

Simon Moore, chair at LV=, said: “In securing the services of David Hynam, LV= has acquired a truly market-leading chief executive. He is the ideal candidate to help LV= continue to build a strong and sustainable future as a mutual life and pensions business and that our mutual values thrive for the benefit of our members.

“David brings with him a track record of hugely successful leadership in the insurance sector, while his extensive experience working with distribution partners, intermediaries and brokers, means he is a perfect fit for LV=’s mutual business model.

“As well as his commercial and technical knowledge of the insurance sector and financial services, it is David’s values-driven approach and strong track record of business transformation and growth that makes him the right person to lead LV= into the next exciting phase of its future as part of a resurgent mutual sector.”

Mr Hynam began his career at Barclays in 1992 working in a variety of roles before becoming chief operating officer at Barclays’ Offshore business.

He joined AXA UK in 2001 in a senior operations role, ultimately overseeing operations for the UK and Ireland. When Resolution acquired the majority of the UK life business from AXA, merging the business with the Friends Provident business to create Friends Life, David joined Friends Life as Group COO, leaving as UK CEO in 2013.

He joined BUPA UK in 2014 and led the transformation agenda for the UK business as well as running the Health Clinics division. His most recent role was as chief executive officer of BUPA’s UK and Global markets, which included all the UK businesses and international health insurance.