Legal & General (L&G) has rejoined the Association of British Insurers (ABI), the UK trade body for the insurance and long‑term savings industry.
The company returns after leaving in August 2014, when it said that many of its business lines fell outside the ABI’s remit and that its engagement with government, regulators and other external bodies would be more effectively tailored individually. L&G also cited changes to the ABI’s constitution and mandate following the transfer of investment business to the Investment Management Association (IMA) as a factor in its decision to leave.
L&G manages £1.1 trillion in assets across public and private markets while the ABI represents over 300 member firms and works with governments, regulators, consumer groups and NGOs to promote the sector’s economic value and support customer understanding.
L&G has collaborated with the ABI on projects including tracking the industry’s £100 bn pledge in productive finance following Solvency II reform. The ABI is increasingly focused on pension investment, the bulk purchase annuity market and workplace pensions.
Laura Mason, CEO, Retail, will represent L&G at the most senior level within the ABI’s governance structure.
ABI president and group CEO, Phoenix UK Andy Briggs says: “We are delighted to welcome L&G as a member. They will further strengthen the excellent work of the ABI and increase our strong representation of the sector”
António Simões, Group CEO, L&G says: “The pensions and insurance sector is vital to securing retirement outcomes for millions of people across the UK. Shaping a strong, collective industry position will be critical as the UK’s retirement, capital and investment framework evolves and the ABI will play a central role. As the UK’s largest pension risk transfer provider with a leading retirement and protection business, we’re pleased to work with the ABI to shape the industry’s future and create the right conditions for our customers.”
Mason says: “I am delighted to bring L&G’s deep expertise across retirement and protection to support the ABI’s work to improve outcomes, widen access to long-term savings and help people feel more financially secure. Working alongside others in the industry, this partnership gives us a real opportunity to strengthen the market, drive innovation and make a meaningful difference for millions of people.”
ABI director general Hannah Gurga says: “The ABI is working at the heart of conversations to improve resilience and retirement outcomes for millions of customers across the UK. Having L&G onboard is a fantastic boost for our work and for the sector to operate as one voice. We’re thrilled to have them within our membership.”
