NEW INTERNAL MANAGING DIRECTOR APPOINTMENTS FOR LEGAL & GENERAL'S PROTECTION & ANNUITIES BUSINESSES.
18 January 2013
Legal & General today announced changes to the leadership of its Retail Protection, Group Protection and General Insurance businesses. Retail Protection will now be lead by Managing Director, Duncan Finch, Group Protection by Managing Director, Jim Islam, General Insurance by Managing Director, Diane Buckley, and Peter Graham will become Managing Director of Digital, Customer and Marketing, a new position.
Legal & General had record sales in Q3 and 9 months 2012 (insert link to Q3 interim statement), retail protection APE Q3 sales were up 9%, Group Protection APE Q3 sales up 100%, and General Insurance APE Q3 sales were up 14%. The new leadership team will enhance the strong growth momentum of the Risk businesses, by bringing new and complementary skills into play, and by enabling our businesses' to work better together on behalf of our customers. The new Digital, Customer and Marketing team will deliver a more integrated customer and marketing proposition, focusing on retail customers and embracing digital technology.
John Pollock, Group Executive Director of Legal & General's Protection & Annuities business said: "Our key focus for the continued success of Legal & General's Protection & Annuities business is to ensure we have high quality products, a broad distribution, positive customer experience and a high performing culture. We believe we can continue to achieve this with the added value that the experts in our business are able to bring. The new appointments reflect the strength and depth of expertise that we have within our businesses."
Duncan Finch, had previously been the Managing Director, General Insurance, Jim Islam had previously been Finance Director of the Savings Division, Diane Buckley had previously been Managing Director, Group Protection, and Peter Graham had previously been Managing Director, Retail Protection.
Legal & General's UK Risk business, book of business in the individual retail and group protection markets is over £1.5bn of insurance premiums, together with an annuity portfolio of £29bn, and delivered £561m of IFRS operating profit in 2011.
Notes to editors
1.) Duncan Finch, was previously Managing Director, General Insurance. Prior to joining Legal & General, Duncan was CEO, International Financial Services (Insurance Division), with Lloyds Banking Group/HBOS Plc, where he had responsibility for the life and pension business across Europe. He is a Chartered Accountant and has over ten years strategic and international financial management experience, at director level, in the general and life insurance industries.
2.) Diane Buckley, was previously Managing Director of Legal & General's Group Protection business where she has been instrumental in developing strong relationships with key business partners. Diane previously held a senior management role within the General Insurance business as well as key role in Legal & General's wider intermediary business. Diane's experience and expertise will be used to develop and strengthen business partner relationships across the general insurance business various distribution channels.
3.) Jim Islam, was previously the Finance Director for Legal & General's Savings Division, where he helped in the development of the strategic plan to position the business to take full advantage of the opportunities in workplace savings resulting from the Retail Distribution Review and workplace pensions automatic enrolment. He was also instrumental in transforming the Division's financial performance. Jim is a Fellow of the Society of Actuaries (USA) and Fellow of the Institute and Faculty of Actuaries.
4.) Peter Graham, was previously Managing Director of Legal & General's Retail Protection business. In his new role as Managing Director of Legal & General's Digital, Customer and Marketing business, he will focus on developing our retail customer relationships, improving our customer engagement by particularly embracing digital developments. Peter Graham reports directly to John Pollock, but has responsibility for leading this work across all Legal & General's retail businesses. The aim being to bring a greater focus to the support we provide our customers, digital initiatives that are appealing to a younger customer base, and create more integrated customer and marketing propositions. Before joining Legal & General, Peter previously worked at Direct Line, was a director at 2 start-up direct insurers in the USA, and chief executive at esure for 6 years, so has extensive experience of leading organisations through operational development and change to meet the challenges of today's insurance marketplace.
Legal & General's UK Risk business insures customers' potential financial exposure from death, illness, injury or household damage, and provides retirement annuities for individuals and pension schemes.
As one of the UK's largest and longest-established providers of life and other insurance products, and a major savings, pensions, annuity and asset management company, we use our experience of the UK market in the development of our presence overseas. We balance our existing international businesses in the United States and Europe with selective participation in the fast growing middle class wealth of emerging markets.
Arno Dolders, Managing Director, Legal & General Netherlands will continue to lead the Dutch business, working closely with Duncan Finch in Retail Protection and Olivier Potellet, Managing Director, Legal & General France will continue to lead the French business, working closely with Jim Islam in Group Protection.
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
Legal & General Assurance Society Limited. Registered office: One Coleman Street, London EC2R 5AA. Registered in England No. 166055.
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