A search has begun for a new chief executive of LV= after Mike Rogers announced his departure after ten years in the role.

The insurance and retirement group revealed his exit this morning in a Stock Exchange notice.

The process to appoint a successor is already underway but Mr Rogers will stay in the role for the rest of the year and into 2017 if required.

Mr Rogers has “completely reshaped and refocused the group to create a leading composite insurer which has delivered superior returns for with profits members”, his firm said.

The company said he oversaw a “highly successful rebranding” in 2007 and there had been a “significant growth in customers, profits, member returns and employee engagement over the last decade”.

Mr Rogers said: "It's been a privilege to lead LV= for a decade, alongside a great team. Ten years is a significant milestone and it now feels the right time to let a new team shape the next decade. LV= will always be special for me and I look forward to seeing its members, customers and people thrive."

Mark Austen, LV= chairman, said: "On behalf of my fellow board members, and I would hope our one million or more members, I would like to thank Mike Rogers for the outstanding service he has provided the Society over the last ten years.

“Under his leadership LV= has been transformed into the successful and profitable financial mutual it is today with a special place in the financial services market.

“The process to appoint a successor is underway and Mike Rogers will continue to lead the business for the remainder of the year, and into 2017 as required, to ensure a smooth transition."