Legal & General : Retirement Institutional Division announces new CEO

Legal & General Group Plc

07 January 2022

Legal & General Retirement Institutional Division announces new CEO

Legal & General Assurance Society Limited ("Legal & General") today announced the appointment of Andrew Kail as the new CEO of Legal & General Retirement Institutional ("LGRI"), the Pension Risk Transfer ("PRT") division of Legal & General. This was effective from 1 January 2022.

He succeeds Laura Mason, who has moved to become CEO of Legal & General Capital. Laura has successfully headed LGRI since January 2018, with the business recently announcing it had contributed 41% of Group profits in the first six months of 2021.1

Andrew Kail joined Legal & General Retail Retirement ("LGRR") in 2021, having previously spent 30 years at PricewaterhouseCoopers ("PwC") in a wide variety of roles. As Head of Financial Services he led PwC's 6,000 strong team in asset & wealth management, banking, insurance, and real estate, having previously worked in its audit, strategy, regulation and technology divisions.

Andrew Kail, CEO, Legal & General Retirement Institutional, said:

"It is a great privilege to lead such a successful global team in the Pension Risk Transfer (PRT) markets. There are still significant opportunities for Legal & General to help pension schemes de-risk, in the UK and internationally, through collaboration, innovation and drawing on the strength of the Legal & General Group. We provide additional security and world class customer service to scheme members while investing their savings in their communities and their environment, levelling up local economies."

Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Notes to editors

About Legal & General

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK's largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

* at 30 June 2021

About Legal & General Retirement Institutional

Legal & General Retirement Institutional (LGRI) works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members' benefits, through a full range of buy-ins, buyouts and other de-risking solutions.

Our UK Retirement annuity book stands at over £85 billion as at 30 June 2021, of which over £25 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.

Our Client Services' 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a "world class" level.

Sources

1 LGRI operating profit before tax H1 2021 - £525m. Total operating profit before tax from all divisions H1 2021 - £1,271m. See Half Year results 2021 for more details: https://group.legalandgeneral.com/media/pqvbebib/hy21-press-release_analyst-pack.pdf

Further information

Name: Margrit Williams

Role: PR & Communications Director

Division: Legal & General Retirement Institutional

Tel: [phone]

Email: [e-mail]

Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.