Legal & General (L&G) has joined the Association of British Insurers (ABI).
L&G and the ABI have collaborated on several initiatives in recent years, including tracking the industry’s £100bn commitment to invest in productive finance following Solvency II reforms.
The move comes as the ABI looks to strengthen its focus on pension investment and the bulk purchase annuity market, alongside ongoing work on workplace pensions and adequacy.
Commenting on the appointment, ABI president and Phoenix Group UK chief executive, Andy Briggs, said the organisation was “delighted” to welcome L&G, adding that its membership would further strengthen the ABI’s representation of the sector.
L&G group chief executive, António Simões, noted that the pensions and insurance sector was “vital to securing retirement outcomes for millions of people across the UK”, and that developing a strong collective industry position would be critical as the UK’s retirement and investment framework evolved.
Under the ABI’s governance structure, L&G retail chief executive, Laura Mason, will represent the firm at the most senior level.
She said L&G’s expertise across retirement and protection would support the ABI’s work to improve outcomes, widen access to long-term savings and help people feel more financially secure.
ABI director general, Hannah Gurga, added that L&G joining the organisation was “a fantastic boost” and would help the sector operate more effectively as a single voice.
