Resolution Life has appointed Jeff Davies as chief financial officer from Legal & General where he has spent more than eight years as group CFO.
L&G announced Davies will be succeeded by Andrew Kail who will be appointed as group CFO and executive director, subject to regulatory approval, from 1 December 2025.
Davies (pictured) will leave L&G, where he has also been chairman of Legal & General America during his tenure, at the end of the year to support the transition and subsequently join Resolution Life on 2 March 2026.
A former senior partner at EY leading its European risk and actuarial insurance markets, Davies has also held a number of senior actuarial roles at Swiss Re life and health.
In his new role Davies will be responsible for providing strategic direction and leadership for all company financial and investment activities, as well as overseeing corporate development and strategy in alignment with the company’s global mission.
He will report to Resolution Life CEO Clive Cowdery and join the company’s leadership team.
He succeeds Jonathan Moss, who will take on a new role as chief technical officer, responsible for leading the underwriting function across US and international markets to ensure consistency of pricing and risk management.
Davies’ appointment follows Resolution Life’s December 2024 announcement that the company will be acquired by Nippon Life. The transaction, which is subject to regulatory approvals, is expected to close in the second half of this year.
Clive Cowdery, chairman and CEO of Resolution Life, said: “I am delighted to welcome Jeff to our team at Resolution Life as we accelerate our growth and prepare to join the wider Nippon Life Group.”
Moses Ojeisekhoba, president of Resolution Life, added: “Jeff combines a disciplined approach to financial management with strong industry and sector knowledge and multi-national leadership experience.
“His expertise across all dimensions of financial leadership – from actuarial to investments to M and A – will immediately add value to Resolution Life as we embark on our next chapter.”
Davies said: “I’m delighted to join Resolution Life, a company I’ve known well for many years and consider a leader in the sector.
“I look forward to partnering across the organisation to drive financial strength, strategic growth and long-term value.”
On his departure from L&G, Davies added it had been a privilege to be the group’s CFO.
“Our great people, values and clear purpose have made my time here hugely enjoyable,“ he said.
“As I hand over to Andrew, we are making excellent progress in implementing our strategy, building on very healthy financials. I wish him, António and the wider team every success in the future.”
Kail becomes group CFO
Kail is currently CEO of L&G’s largest business, institutional retirement, having joined the organisation in 2021 as CEO of its retail retirement division.
Since the start of last year, he is also the CEO of Legal and General Assurance Society (LGAS).
Before joining L&G, Kail spent 30 years at PricewaterhouseCoopers in senior roles including the head of financial services, where he led a 6,000 strong team in asset and wealth management, banking, insurance, and real estate.
He is also an ICAEW chartered accountant and sits on the Board of TheCityUK.
Kail will receive a basic salary of £800,000 and will be eligible to receive a maximum annual bonus of up to 200% of base salary and an annual long term incentive plan (LTIP) award of up to 300% of salary. Pension benefits are also included.
L&G group CEO António Simões said: “In Andrew we have an outstanding CFO designate with deep knowledge of the different businesses of L&G and the key drivers of its performance.
“He is already a valued member of my leadership team and has played a pivotal role in developing and driving the group’s growth strategy.
“I would like to thank Jeff for his eight years at L&G and particularly the last two years we have worked together.
“He has been a great support to me and the rest of the group management committee, and leaves L&G in a very strong financial and strategic position. The board and I wish him all the best for the future.”
Kail added: “I am delighted to be appointed as chief financial officer of L&G at such an important time for the group, as we press forward with the delivery of our ambitious strategy.
“I look forward to working together with my colleagues and the board to drive business growth and positive outcomes for our stakeholders.”