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.
18 Jan 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.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.