18 Jan 2017
Legal & General Group Plc ("Legal & General" or "the Company") has today announced the appointment of Kerrigan Procter, Chief Executive Officer of Legal & General Retirement ("LGR"), as a Group Executive Director of the Company with effect from 9 March 2017.
Kerrigan has been Managing Director of LGR since January 2013, which is the Company’s largest division by operating profit. He oversees the retirement business that helps over one million customers achieve financial security in retirement and invests over £50bn of assets to back Legal & General's annuity promises to its pensioners. He was previously Head of Solutions with Legal & General Investment Management, the Group’s asset management business, from 2006 to 2012 where he was responsible for Liability Driven Investment and fund solutions for defined benefit and defined contribution pension schemes across Europe and the US.
Sir John Kingman, Chairman of Legal & General, commented:
"I am delighted that Kerrigan is joining the Board. As Legal & General Retirement continues to build on its successes and expand internationally, the Board will greatly benefit from closer interaction with the LGR business and from the expertise that Kerrigan will bring to the Board.”
Following the announcement on 22 December 2016 of the appointment of Jeff Davies as Group CFO, the Company discloses that Jeff will formally take up his appointment on 9 March 2017.
No other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules of the Financial Services Authority in relation to Kerrigan's appointment as a director of the Company.
Notes to Editors
Legal & General Group Plc
- Kerrigan Procter has been managing director of Legal & General Retirement (LGR) at Legal & General since January 2013. He oversees an annuity business that provides a pension to over 1 million annuitants and invests over £50 billion of assets to back these liabilities. He was previously head of solutions at Legal & General Investment Management (LGIM) from 2006 to 2012 where he was responsible for Liability Driven Investment and fund solutions for defined benefit and defined contribution pension schemes across Europe and the US.
Prior to joining Legal & General, Kerrigan worked at RBS in the financial markets division where he held several roles including head of pensions advisory, head of credit risk measurement and director of interest rate derivative structuring. Kerrigan started his career in 1994 with Ernst & Young Corporate Finance before moving to Mercer where he was both an investment consultant and responsible for ALM in Europe.
He is a Fellow of the Institute of Actuaries and has a PhD in number theory from King's College, London.
- Legal & General Retirement is made up of the Global Pension Risk Transfer Business, UK individual annuities, and UK Lifetime mortgages. As at week 50 2016 total sales were at £7.5bn for LGR, versus £2.9bn FY 2015. Operating profit for 2015 was £639m, versus £428m FY 2014. LGR has written the largest UK buy-in and buy-out bulk pension deals, and provides longevity insurance to help defined benefit schemes de-risk. It entered the Lifetime Mortgage market in 2015, and wrote £620m of Lifetime Mortgages in 2016, versus £201m for FY 2015. For individual annuities, it wrote £377m in 2016, versus £327m for FY 2015.
- 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 17 January 2017) 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%.