TIDMLGEN
RNS Number : 4098U
Legal & General Group Plc
18 January 2017
Directorate Changes
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
GBP50bn 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.
ends
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Sujee Rajah Investor Relations Manager 020 3124 2047
Media:
Richard King Head of Group Corporate Communications 020 3124
2095
Notes to editors:
Legal & General Group Plc:
1. 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 GBP50 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.
2. 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 GBP7.5bn
for LGR, versus GBP2.9bn FY 2015. Operating profit for 2015 was
GBP639m, versus GBP428m 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 GBP620m of Lifetime
Mortgages in 2016, versus GBP201m for FY 2015. For individual
annuities, it wrote GBP377m in 2016, versus GBP327m for FY
2015.
3. 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 GBP14.6bn (as
at 17 January 2017) and is responsible for investing GBP841.5bn
worldwide (as at 30 June 2016) on behalf of investors,
policyholders and shareholders.
4. 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.
5. In 2015, Legal & General's operating profit (IFRS basis)
was GBP1,455m 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 GBP822m, an increase
of 10%, profit before tax attributable to equity holders was
GBP826m, an increase of 23%, adjusted earnings per share were
11.20p for the period, an increase of 14%, and net cash generation
of GBP727m, an increase of 16%.
For more information on Legal & General, please see
http://www.legalandgeneralgroup.com/
Forward-looking statements
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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