Legal & General (L&G) is re-joining the Association of British Insurers (ABI) after leaving the organisation in August 2014.
L&G Retail CEO Laura Mason will represent the insurer at the most senior level within the ABI’s governance structure.
Unveiling L&G as its newest member the ABI, which represents more than 300 member firms, noted it had worked with L&G on a number of projects of mutual interest in recent year.
These included the tracking of the industry’s pledge to invest £100bn in productive finance following the reform of Solvency II.
The ABI added with its greater focus on pension investment and the bulk purchase annuity market, as well as “vital” ongoing work around workplace pensions and adequacy, it was a timely point for L&G to join as a member with immediate effect.
Health & Protection‘s sister title Corporate Adviser reported at the time that L&G’s key reason was a large proportion of its business lines falling outside the remit of the ABI.
The provider added its engagement with government, regulators and other external bodies would in future be more individually tailored, and less suited to uniform representation through one trade body.
It also cited a change in the constitution and mandate of the ABI as a result of the transfer of investment business to the IMA as a key factor in its decision to leave the organisation, which it added was as much about investment management as insurance.
Welcome return
Andy Briggs, ABI president and group CEO of Phoenix UK, welcomed L&G’s return.
ABI director general Hannah Gurga added: “The ABI is working at the heart of conversations to improve resilience and retirement outcomes for millions of customers across the UK.
“Having L&G onboard is a fantastic boost for our work and for the sector to operate as one voice. We’re thrilled to have them within our membership.”
António Simões, group CEO at L&G said: “The pensions and insurance sector is vital to securing retirement outcomes for millions of people across the UK. Shaping a strong, collective industry position will be critical as the UK’s retirement, capital and investment framework evolves and the ABI will play a central role.
“As the UK’s largest pension risk transfer provider with a leading retirement and protection business, we’re pleased to work with the ABI to shape the industry’s future and create the right conditions for our customers.”
Mason said: “I am delighted to bring L&G’s deep expertise across retirement and protection to support the ABI’s work to improve outcomes, widen access to long-term savings and help people feel more financially secure.
“Working alongside others in the industry, this partnership gives us a real opportunity to strengthen the market, drive innovation and make a meaningful difference for millions of people.”
