Legal & General appoints new CEO of General Insurance business
Legal & General has today announced the appointment of Cheryl Agius (photo) as the new CEO of Legal & General’s General Insurance business, subject to regulatory approval. The business specialises in providing buildings, contents, travel and pet insurance to its customers. It has 1.2 million customers, and its 5 star Defaqto rated products are sold direct, online, via platforms, IFAs and banks and buildings societies.
Nigel Wilson, Legal & General Group CEO said: “Cheryl has done a terrific job leading the UK Strategic Pension Risk Transfer Team. We’re the global leaders in pension de-risking, and Cheryl has played a major role the division’s success. She’ll be a great CEO for the General Insurance business, and I look forward to working with her as we help the business realise its full potential.”
Cheryl Agius, Legal & General General Insurance CEO said: “The general insurance business has an excellent franchise in the market for great products and customer service. Our strong presence in the housing market, combined with our value proposition and trusted brand, means we’re ideally placed to grow the business as the market continues its moves to digital.”
Legal & General’s General Insurance award winning products are distributed through 15 banks and building societies. In 2015 the business wrote over £1.7 billion in gross written premiums. It has recently agreed four, five year distribution partnerships, including the Coventry, Skipton and Principality Building Societies, which should in aggregate increase 2017 gross written premiums by £30 to £40 million.
Cheryl Agius was previously the Head of the UK Strategic Pension Risk Transfer Team, and as a member of the division’s senior leadership team, played a major role in the record £6.9 billion of annuity sales achieved year to date. In 2015 her team secured the largest medically underwritten transaction in the UK, with Kingfisher for £230 million. In 2014 she established the US Pension Risk Transfer business, building out the in-house pension administration capabilities, and completing its first landmark deal in 2015 with $450million of pension obligations covering 14,000 lives. Cheryl joined Legal & General in 2011, has over 20 years’ experience in the pensions and insurance industry, and is a Fellow of the Institute of Actuaries.
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 20 3124 2095
m: +44 (0) 7515 324001
Laura Doyle, Head of Investor Relations
t: +44 (0) 20 3124 2088
Sujee Rajah, Investor Relations Manager
t: +44 (0) 20 3124 2047
Notes to editors:
Legal & General Group Plc
- Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.6bn (as at 08 December 2016) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders.
- Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance.
- In 2015, Legal & General's operating profit (IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively. For H1 2016 Legal & General’s adjusted operating profit was £822m, an increase of 10%, profit before tax attributable to equity holders was £826m, an increase of 23%, adjusted earnings per share were 11.20p for the period, an increase of 14%, and net cash generation of £727m, an increase of 16%.
- Cheryl Agius biography - Cheryl is Head of the Strategic Pension Risk Transfer team for Legal & General and oversees the production of risk transfer solutions for pension schemes with assets in excess of £1bn. Cheryl joined L&G in February 2011 and prior to her current role, Cheryl led the development and implementation of L&G Retirement’s business for the US Pension Risk Transfer market. Cheryl has over 20 years’ experience in the pensions and insurance industry, commencing her career at Towers Watson, a senior manager at Arthur Andersen and more recently at Lloyds TSB and Aon Hewitt where she held several senior management positions. Cheryl is a Fellow of the Institute of Actuaries.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
This announcement may contain certain forward-looking statements relating to Legal & General, 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’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 announcement or any other forward-looking statement it may make.