Rowney is presently serving as the managing director of LV=’s Life and Pensions business. He joined the company in 2007 as chief operating officer.

Before joining LV=, Rowney worked with Barclays for 14 years and assumed various senior roles across corporate and retail banking, including integration director for the bank and chief operating officer for Premier Banking.

Rowney will replace Mike Rogers who earlier this year indicated his decision to step down as CEO after ten years in the role.

LV= chairman Mark Austen 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.

"We believe that effective succession planning is done from a position of strength and following a thorough search process that produced a shortlist of excellent internal and external candidates the board is particularly pleased to be able to promote from within to fill the role of Chief Executive."