Press releases

Legal & General Appoints Simon Gadd as Chief Risk Officer, and Kerrigan Procter as Managing Director, Annuities Business.

Nigel Wilson, Group Chief Executive
Nigel Wilson
Group Chief Executive

28 January 2013

Nigel Wilson, Group Chief Executive
Nigel Wilson
Group Chief Executive

Legal & General Group Plc today announced the appointment of Simon Gadd, as Chief Risk Officer (CRO), and Kerrigan Procter, as Managing Director, Annuities Business.

Commenting on the appointments, Group CEO Nigel Wilson said:

“The successful management of risk is at the heart of everything we do. Simon’s expertise from running the annuity business can only help to increase our risk management expertise across the Group. I look forward to working with Simon and team, as they keep us at the forefront of risk management, and ensure the robust oversight of the risks we manage.

“Kerrigan and Simon have helped 100’s of companies to derisk their pension schemes. This has been achieved by Liability Driven Investments (LDI), pension scheme buy-outs, buy-ins and longevity contracts. Pension funds are demanding more and more integrated derisking solutions, and Kerrigan’s move to running the annuity business will enable us to continue to innovate and deliver the best integrated solutions to our clients across our investment management and annuity business.”

Legal & General delivered record sales in Q3 and YTD. Legal & General Investment Management (LGIM) manages assets of £391bn, of which £58bn are in Liability Driven Investment. Legal & General’s annuity business manages assets of £31bn.*

Simon Gadd was previously Managing Director, Annuities Business, and has replaced Andrea Blance, who was the previous CRO and established the CRO function in 2010. Andrea has now become Finance Director, Savings Division. Kerrigan Procter was previously Head of Solutions, LGIM, and has been succeeded by Aaron Meder, who was previously Head of US Pensions Solutions.

Notes to editors

1.) Figures as at 30th September 2012, reference Q3 Interim Management Statement (1 November 2012).

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)

FORWARD LOOKING STATEMENTS

This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.


For more information please contact:

Richard King

Richard King
Head of Group Corporate Communications

t: +44 (0) 2031 242095
m: +44 (0) 7515 324001
e: richard.king@group.landg.com


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