Legal & General (L&G) has revealed it will restructure its protection and life and pension businesses following the retirement of L&G Assurance Society chief executive John Pollock.
L&G said the retail protection business is the biggest in the UK, and combined with its general insurance business wrote over £1,250m in premium (Q3 2014).
Group protection will move from its corporate business and join the insurance business to form an insurance centre for L&G's customers.
Duncan Finch, current managing director of Insurance, will run the enlarged business and report to Nigel Wilson, who will become group CEO from 1 January 2015.
L&G also announced changes to the structure of its savings and corporate business.
In corporate the £10bn AUA workplace defined contribution platform will move to Legal & General Investment Management (LGIM). It will continue to be headed by Jim Islam, who will join Mark Zinkula's, CEO LGIM, senior management team.
Savings will be split into 2 businesses: Mature and Digital. Jackie Noakes, previously chief operating officer for LGAS and Group IT Director, will become the managing director of the Mature Savings division, consisting of insured savings and with-profit businesses. Digital Savings will be managed by Mike Bury.
In September 2014, L&G announced that John Pollock intended to retire, stepping down from the Group Board at the next AGM on 21 May 2015.
Nigel Wilson, group CEO said: "Today's changes will deliver scalability to our long-term businesses, good quality low cost products to our customers, and value to our shareholders. We remain focused on our clear and differentiated strategy of strong cash generation, organic growth and selective bolt on acquisitions".
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