It’s all change at Royal London.
After the insurer announced a new chair earlier today, it has now revealed that its group CEO Phil Loney is to depart at the end of 2019.
In a statement the company outlined that Loney would be moving on to concentrate on “long-standing charitable interests” – particularly focused on supporting people with learning difficulties and the international development sector.
Since arriving at the firm in 2011, Loney has helped boosts its growth from £46 billion in assets under management to £117 billion as of the end of June 2018. Total life and pension new business sales for the insurer have also quadrupled – reaching more than £12 billion at the end of 2017, compared to under £3 billion in 2011.
“It has been an incredible privilege to lead Royal London over the last seven years and to work with so many dedicated and professional colleagues,” said Loney. “I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual. Growing this business has been a real team effort with all credit to my executive team and their people.
“I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits. I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”
The company also stated that Loney had turned the business “from a collection of individual brands into a strong, single brand with a reputation for excellent customer service.”
“On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London,” said chairman Rupert Pennant-Rea. “He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”
