LEGAL & GENERAL APPOINTS PAUL STANWORTH AS HEAD OF LEGAL & GENERAL GROUP TREASURY & INVESTMENTS.
30 October 2012
Legal & General (L&G) is pleased to announce the appointment of Paul Stanworth as Head of Legal & General Group Treasury & Investments. Paul will report to Nigel Wilson, Legal & General Group Chief Executive Officer. Heading this newly formed group, Paul will be responsible for the overall asset strategy and financing of Legal & General's balance sheet composing £40.1bn* of assets across all shareholder interests, £16.4bn* in participating funds and £3.3bn* of Group borrowings.
The creation of the Group Treasury & Investments team will enable Legal & General to deliver investment and financing strategies consistently across the total balance sheet, and achieve attractive financial risk efficiencies.
Paul joined Legal & General in 2008, following a career spanning fund management and investment banking. At Legal & General Paul has successfully collaborated with LGIM to manage the Annuity and Group portfolios in a volatile market environment, stabilising and de-risking our investment portfolio and delivering greater certainty over our future profit and cashflow.
*Figures as at 30 June – source Legal & General Interims Statement & Analysis pack.
Notes to editors
ABOUT LEGAL & GENERAL
Established in 1836, Legal & General is a leading provider of risk, savings and investment management products in the UK. In the first six months of 2012, Legal & General's profits before tax (on the IFRS basis) were £525m, up 11% from the prior year. Earnings per share were 6.96p and dividends per share were 1.96p for the period, an increase of 14% and 18%, respectively. The Group has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans. (http://investor.legalandgeneral.com/business-description.cfm)
Our investment management business, LGIM, is responsible for investing £381bn worldwide (as at 30 June 2012) on behalf of investors, policyholders and shareholders. LGIM is one of the largest investors in the UK stock market, managing around 5% of all London listed equities. LGIM has market leading capability in index, active fixed income and liability driven investments and (as at 30 June 2012) manages £34.5bn of assets for international clients.
Our UK Protection & Annuities business insures customers' potential financial exposure from death, illness, injury or household damage, and provides retirement annuities for individuals and pension schemes. In 2011, Risk collected £1.5bn of insurance premiums and manages an annuity portfolio of £29bn (H1 2012).
Our UK Savings business has £67bn (H1 2012) of assets under administration and provides a range of retail savings funds and savings structures to individuals and workplace clients.
LGA writes protection products in the US market, focusing on higher sums assured policies and in 2011 had in-force premiums of approximately $836m (FY 2011).
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001