Legal & General is to restructure its life and pensions and protection businesses following the retirement of L&G Assurance Society chief executive John Pollock.
Group protection will move from the corporate to the insurance division, the corporate defined contribution pensions platform will move inside L&G Investment Management and the savings business will be split into ‘mature’ and ‘digital’ divisions.
The mature division – comprising insured savings and with-profits – will be headed by Jackie Noakes, who was previously L&G Assurance Society chief operating officer and group IT director.
Retail savings managing director Mike Bury will take responsibility for digital.
Pollock is stepping down from the role in May 2015 after 35 years; his seat on the L&G group board will not be filled.
L&G group chief executive Nigel Wilson says: “Today’s changes will deliver scalability to our long-term businesses, good quality low cost products to our customers, and value to our shareholders. We remain focused on our clear and differentiated strategy of strong cash generation, organic growth and selective bolt on acquisitions”.