Legal & General has set out plans to combine its retail retirement and insurance businesses in 2022.
The group has five divisions:
- LGIM,
- L&G Capital (LGC),
- L&G Institutional Retirement (LGRI),
- L&G Retail Retirement (LGRR),
- L&G Insurance (LGI).
In a statement, the group said that as LGRR and LGI both serve retail clients, they will become one division under the leadership of Bernie Hickman, who is currently chief executive of the insurance arm and has been promoted to chief executive of both businesses.
The changes will be effective from the new year.
Hickman has been with L&G for 23 years and held several senior roles including managing director of Individual Retirement and of Retail Protection, before taking the top job at LGI five years ago.
Pandemic shifts expectations
L&G said: “As both businesses serve retail clients, having a single interface for retail clients, whether with insurance or pension savings products, will enable us to better satisfy our customers’ and distribution partners’ service expectations, which have grown since the pandemic, and to work better and more seamlessly for and with them.”
Additionally, following Laura Mason’s appointment as chief executive of LGC, Andrew Kail will succeed her as chief executive of LGRI, after leading a team within LGRR through the integration of Workplace into the business and developing strategies for the growth or the division.
L&G added: “There are no changes for LGC or LGIM. We think these changes point the way to an exciting future where we continue to deliver growth in strong markets, leveraging the whole of L&G’s capabilities in support of our institutional and retail client base.”
