Connect with us

Hi, what are you looking for?


Legal & General boss Sir Nigel Wilson declares intention to retire

Tenure: Since becoming Managing Director in 2012, he has overseen Legal & General's annual profits and has more than doubled and shareholder returns exceeded 600%

Managing and legal director Sir Nigel Wilson will retire within 12 months after 11 years at the helm of the insurer

  • L&G’s annual profits and shareholder returns soared during Wilson’s tenure
  • He helped lead L&G’s transition into real estate and infrastructure investments
  • Wilson has also been a strong supporter of Solvency II regulatory reform.

Legal & General chief executive Sir Nigel Wilson is set to retire after more than a decade at the helm of the financial services giant.

Since becoming CEO in 2012, Wilson, 66, has overseen an improvement in the company’s financial performance, with annual profits more than doubling and shareholder returns exceeding 600%.

He helped lead the group’s movement towards property and infrastructure investments, such as the London Gateway project, Sky Studios Elstree and urban regeneration schemes in Sheffield and Newcastle.

Wilson will remain in the role while the board searches for his successor, which is expected to take about a year, and will consider candidates from inside and outside the company.

The outgoing boss has been a strong supporter of Solvency II regulatory reform, which the UK government hopes will free up billions of extra pounds for insurers to invest in areas such as green energy and infrastructure.

Wilson originally joined L&G as chief financial officer in 2009, after holding positions at electronics retailer Dixons, property developer Stanhope and consulting firm McKinsey & Company.

Last year he was knighted for his services to the financial industry and regional development and offered the post of investment minister in the short-lived Liz Truss government.

Shortly thereafter, L&G came under significant pressure due to a controversial “mini-budget”, which led to a sell-off of gilts by pension funds holding liability-driven investments (LDIs).

The London-listed company is one of Britain’s biggest sellers of LDIs, which are designed to ensure that final salary pension schemes can meet future payouts, but falling gilt prices have left many funds in pension on the verge of collapse.

Related:  ITV announce a new 'middle-aged' Love Island spinoff: Network is scouting 'vibrant single parents'

Sir Nigel admitted to the House of Lords Economic Affairs Committee that the market turmoil “has taken us all by surprise”, but claimed the firm’s stress test models were not to blame.

Sir John Kingman, chairman of L&G, said on Monday that Wilson had ‘successfully weathered significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and led the group into a position of strength from which it can continue development’.

He added: “Under his leadership, the group has consistently delivered profitable, sustainable and inclusive growth.” Nigel has been a tireless champion of investment-driven growth and responsible investing.’

Wilson told investors the decision to pull out came with “mixed emotions”, but believes the company has put in place “a solid foundation to support the next phase of growth”.

Related:  Global Agriculture Technology as a Service Market Size, Share, Growth, Demand, and Forecast through 2026: MarkNtel Advisors

Shares of Legal & General Group were down 2.7% late Monday afternoon after news of his departure, making it the third-biggest drop on the FTSE 100 index.

The insurer further said today that its outlook for full-year 2022 operating profit growth remains unchanged as it expects to report an operating surplus of £1.8bn.

JP Morgan analyst Cazenove said: “We believe L&G has the balance sheet to grow, and with the annuity and block annuity business now ‘self-funding’, we believe it can absorb the investment costs. strong growth along with growing cash flow and dividends.’

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Latest News

Un accord autorisant l’exportation sûre de céréales ukrainiennes en mer Noire a été renouvelé samedi pour au moins 60 jours – la moitié de...

Latest News

Kyiv has slammed ‘murderer’ Russian President Vladimir Putin today after the Kremlin claimed he had made a brazen visit to Mariupol in southern Ukraine,...


SCHRODER REVENUE GROWTH: £204m trust that avoids potholes in the economy By Jeff Prestridge, Financial Mail on Sunday Published: 21:52 GMT, March 18, 2023...


Nothing in the world of saving and investing, backed by government support, comes with strings attached. Despite the increase in pensions in Chancellor Jeremy...