Royal London group chief executive Mike Yardley (pictured) is stepping down after 12 years in the role.
Yardley, who has been group chief executive since 1998, will continue in the job until a replacement is appointed.
The Royal London board has appointed a recruitment firm to find his successor and the group says internal and external candidates will be considered.
The group is due to publish its interim results on Tuesday.
Yardley says: “Having been CEO of Royal London for over 12 years, I have decided the time is now right for me to announce that I will be leaving the company once my successor has been appointed. I am confident that Royal London is in an excellent position to continue to grow profitably for the benefit of our members and I believe this is an appropriate time to start the search for the person to lead the company in its next phase of development.
“On leaving Royal London I hope to use my experience to help the life assurance and asset management industry tackle the many challenges ahead.”
Royal London chairman Tim Melville-Ross says: “When Mike was appointed CEO in 1998, Royal London was a home service provider with a high cost base and a diminishing franchise. Mike built a strong executive team and, through a series of transactions and a robust approach to cost control and business development, Royal London has now become a strongly capitalised, diversified group offering quality products and services to its members and customers. Royal London, its customers and members have every reason to be grateful for what he has achieved.
“Mike is an outstanding CEO who has transformed Royal London into the successful and well-regarded organisation it is today. To ensure an orderly transition, Mike will continue as group chief executive until a successor is appointed.”