Royal London CEO Phil Loney to stand down by the end of 2019; Chairman succession announced

clock • 1 min read

Royal London has announced that group chief executive Phil Loney has decided to stand down by the end of 2019.

The insurer said Loney is standing down to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.

Since joining Royal London in 2011, Phil has overseen 154% growth in the UK life, pensions and investment mutual from £46bn assets under management to £117bn at the end of June 2018. Total life and pension new business sales for Royal London have quadrupled from under £3bn in 2011 to over £12bn in 2017.

Royal London also announced the departure of its Rupert Pennant-Rea at the end of 2018, having served as chairman of the board for over five years.  Rupert will be succeeded, subject to regulatory approval, on 1 January 2019 by Kevin Parry.

Parry has extensive board and chair experience and currently serves as chairman of Intermediate Capital Group and is a senior independent director of Standard Life Aberdeen and a non-executive director of Nationwide Building Society and Daily Mail & General Trust. He will stand down from the Board of Standard Life Aberdeen plc on 31 December 2018.

More on Industry

Isio achieves 'record' year for risk settlement business

Isio achieves 'record' year for risk settlement business

Organisation predicts ‘sustained’ growth in BPA market

Holly Roach
clock 20 December 2024 • 2 min read
UK Pensions Awards 2024 - Winners' Supplement

UK Pensions Awards 2024 - Winners' Supplement

Celebrating excellence in pensions

Professional Pensions
clock 20 December 2024 • 1 min read
Consider higher NICs to provide a pension for self-employed, industry urges

Consider higher NICs to provide a pension for self-employed, industry urges

PP survey finds 54% of respondents back proposal put forward by the WPC in 2022

Martin Richmond
clock 20 December 2024 • 2 min read
Trustpilot