Legal & General has named Steve Ellis as the new chief executive of its retirement arm Legal & General Retail Retirement Living Solutions.
Mr Ellis will take up the role at the beginning of April, moving over from his current role as chief executive of Legal & General Home Finance.
The group said its new retirement business was to tackle the challenges faced by customers financing and living in retirement in the UK.
It will initially focus on helping customers find and fund care needed for themselves or their elderly relatives.
The current chief executive of Legal & General’s Mature Savings business, Claire Singleton, will succeed Mr Ellis in the company’s home finance arm subject to regulatory approval.
Both Mr Ellis and Ms Singleton will report to Chris Knight who was appointed as chief executive of Legal & General Retail Retirement in 2017.
Mr Ellis said: "Leading Legal & General Home Finance since inception has been a real privilege – it is well positioned for the future.
"Legal & General deploys our financial strength positively to deliver exceptional value to customers, shareholders and the broader society and I am looking forward to the part we can play in resolving the issues in UK care funding and provision"
Nigel Wilson, group chief executive of Legal & General, said: "Claire and Steve have done great jobs in Mature Savings and Legal & General Home Finance.
"We want people to achieve longer, happier, healthier lives in retirement, but finding and funding care is the elephant in the room – it is a broken market that needs to be fixed.
"This is precisely the kind of challenge where Legal & General’s inclusive capitalism, our brand and balance sheet can make a difference."