"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. "
Legal & General has appointed Steve Ellis as CEO of L&G Retail Retirement Living Solutions and Claire Singleton to replace him as CEO of L&G Home Finance.
Claire was previously CEO of L&G's Mature Savings business, which will be transferred to ReAssure, part of the Swiss Re Group, at the end of the year.
Steve and Claire will report into Chris Knight, CEO of Legal & General Retail Retirement.
Steve will start his new role at the beginning of April and Claire will take up her post at the end of the year following the completion of the Mature Savings transfer.
Legal & General Retail Retirement Living Solutions will focus initially on helping customers find and fund the care they need for themselves or their elderly relatives.
Nigel Wilson, Group CEO 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.”
Steve Ellis commented: “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 broader society. I am looking forward to the part we can play in resolving the issues in UK care funding and provision.”
Claire Singleton added: “I am excited about joining Legal & General Home Finance later this year, and look forward to leading the business in its mission to be the mortgage lender of choice for the over 55s in the UK market. My current focus is on achieving a successful completion of the transfer of the Mature Savings business to ReAssure who will be an excellent steward of the business. As well as providing a smooth experience for our customers, my team and I are committed to supporting our employees through this transaction.”