Royal London today announces that Group CEO Phil Loney has decided to stand down by the end of 2019. He is standing down to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.
Since joining Royal London in 2011, Phil has overseen 154% growth in the UK’s largest life, pensions and investment mutual from £46 billionassets under management to £117 billion at the end of June 2018. Total life and pension new business sales for Royal London have quadrupled from under £3bn in 2011 to over £12bn in 2017, creating a business that is a top four new business player in its key sectors.
Phil has led the transformation of Royal London from a collection of individual brands into a strong, single brand with a reputation for excellent customer service. 2017 financial results reflected the expanded revenues with EEV pre-tax profit at £594 million (compared to £321 million in 2016). Over one million Royal London members and qualifying customers share in the profits as a result of its unique ProfitShare scheme which has paid out over £750 million.
Rupert Pennant-Rea, Chairman of Royal London, said: “On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London. He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”
Phil Loney, Chief Executive of Royal London, said: @It has been an incredible privilege to lead Royal London over the last seven years and to work with so many dedicated and professional colleagues. I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual. Growing this business has been a real team effort with all credit to my executive team and their people. I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits. I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”
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