Aviva’s UK Life business has delivered a 9 per cent increase in pre-tax profits for 2014 despite a tumultuous year for pensions.
Legal & General is to enter the equity release market following its acquisition of Newlife.
Michael Schaefer has been appointed as chief operating officer.
Providers lent £1.4bn to equity release customers in 2014.
King was most recently managing director of equity release provider More 2 Life.
Experts say the sector could triple in value as a result of new major entrants to the market.
The total value of equity release lending increased by almost a third year-on-year in the third quarter.
But the older the homeowner, the more inclined they are to take out a plan.
Equity release plan sales increased 5 per cent year-on-year in the first half of 2014.