Press releases

Legal & General Retail strengthens executive team with key appointments

Legal & General Retail, which looks after the savings, protection, mortgage and retirement needs of 12 million retail customers and workplace members, has restructured its executive team with a number of key appointments.

13 Oct 2022

Full press release

These changes form part of an ambitious growth strategy to deliver better outcomes for customers, advisors, distribution partners and shareholders.

The changes include:

  • Lorna Shah takes on the role of Managing Director of Retail Retirement. Lorna has responsibility for Legal & General’s Retirement Income business, which will become ‘Retail Annuities’. She also has commercial oversight of the Workplace Savings and Personal Investing businesses alongside UK and international mortgage expansion.
  • Katharine Photiou moves to the role of Managing Director of Retail’s Workplace Savings business. She will focus on developing and delivering the workplace and personal investing product and proposition, servicing the existing 4.7 million members and growing customer bases.
  • Steve Davis has moved to be Chief Operating Officer of the Retail division. Steve will spearhead the introduction of a collaborative operational function across all of the Retail businesses to leverage best practices and enhance customer experience. His role also sees him responsible for driving the overall strategy of the Retail division and for increasing adoption of Agile ways of working.
  • Paula Llewellyn, Chief Marketing Officer & Direct MD, in addition to managing the Direct Protection business and being CMO for Retail as a whole, takes responsibility for Legal & General Financial Advice, which offers advice on later life lending.

The establishment of Legal & General Retail earlier this year, with Bernie Hickman as its Chief Executive Officer, saw the provider’s retirement, savings, protection, mortgage services and Fintech businesses coming together, allowing the division to better serve its diverse range of retail customers, distribution partners, advisers, corporates and consumers.

Leveraging its expertise and resources, the Retail division aims to deliver unparalleled levels of customer experience and service, removing pain points so that interactions for customers and advisers are simple and straightforward.​ This will enable it to create  better products, more choice, and drive fair value for money, particularly through the use of new technologies and its investment in innovative fintech businesses.

Bernie Hickman, Chief Executive Officer, Legal & General Retail (pictured above): “As the UK’s number one workplace savings, protection and retirement brand our strategy is focused on providing peace of mind and financial confidence for every generation, whatever the future holds. Legal & General has a strong heritage, having served customers for almost 200 years, and these changes set us up to accelerate the growth of our business, putting our customers front and centre, and ensuring we can continue to provide easy to understand products, that will help people find financial security for themselves and their families. With our talented new executive team in place, we can focus on making positive progress to reimagine how we help customers create brighter financial futures.”

Further information

Millie Hyde Smith.jpg

Millie Hyde-Smith

Director of PR and Content

Legal & General Retail

Notes to editors

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.  

In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.