Mr Rowney, 45, joined the Bournemouth-based friendly society in 2007 as chief operating officer and since then the company has focused strongly on its protection and retirement specialist business. In 2015 its life business delivered an operating profit of £41m (2014: £7m operating loss). His salary as chief executive will start at £490,000 plus other benefits.

Before joining LV= he spent 14 years at Barclays in a number of senior positions in corporate and retail banking, including integration director for the bank and chief operating officer for Premier Banking. He has an MBA from Henley Business School and has completed the Harvard General Management Programme.

Mr Rowney succeeds Mike Rogers who announced earlier this year he would to step down as chief executive after 10 years in the role. Mr Rowney will take up his appointment later this summer, after a short handover.

Mark Austen, LV= chairman, said: "Mike Rogers has led LV= with great distinction and success, transforming the business culture and its financial performance. We thank him for all he has achieved for our members, customers and staff over the last decade.

"Richard is an exceptionally talented business leader and the board is confident that he is the right person to build on the heritage of the Society's 170 year history and the platform that Mike Rogers has created to take LV= to the next level."

Mr Rowney said: "It has been a real privilege to work alongside Mike as we have built LV= into the successful and profitable mutual it is today. In a changing financial world, our approach remains consistent; earning trust by providing good value backed up with great values.

"I'm fully aware of the board's ambition for LV= and am excited by the challenges and opportunities that lie ahead. I look forward to working with my team to build a business that delivers the best possible outcomes for our people, customers and members."

LV= employs over 6,000 people and has over 5.8 million customers. It boasts of being the UK's largest friendly society and a leading financial mutual. It was started in 1843.