Phoenix Group chief executive Clive Bannister is set to exit the business and will be replaced by former Aviva boss Andy Briggs next year.
Mr Bannister announced today (November 8) that he will retire on March 10, 2020 after nine years with the business.
During his time at Phoenix, Mr Bannister oversaw a series of acquisitions, including the £2.9bn purchase of Standard Life Assurance in 2018, after which Phoenix joined the FTSE 100 in March 2019.
He also achieved a total shareholder return of 179 per cent at the company, and grew assets under management by 263 per cent to £245bn, according to Phoenix.
The firm increased the number of policyholders by 67 per cent to 10m during his tenure.
Mr Briggs will join the company as chief executive officer on January 1 to ensure a smooth handover, subject to regulatory approval.
Mr Briggs has over 30 years of insurance industry leadership experience and was most recently the chief executive of Aviva’s UK insurance business until he stepped down earlier this year.
His previous roles include group chief executive of listed insurer Friends Life and managing director of pension provider Scottish Widows.
He is also the former chief executive of the retirement income division at Prudential and has been chairman of the Association of British Insurers (ABI).
Nick Lyons, Phoenix Group chairman, said: "Clive has worked with great passion and energy during his nine years as CEO. He has led Phoenix in a period of sustained growth and success to its current position as the largest life and pensions consolidator in Europe and he leaves us, as a business, confident and assured.
“Phoenix, its customers, colleagues and investors will benefit from the smoothest of successions between two great industry leaders and, with Andy as our future CEO, we will be in the best position to leverage the broad strategic platform that Clive has delivered."
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