Lloyds’ insurance MD to take over as Royal London CEO

Royal London has recruited the current managing director of Lloyds Banking Group’s life, pensions and investments business to become its CEO.

Phil Loney will head UK life and pensions giant Royal London in October 2011 at the latest, subject to regulatory approval by the Financial Services Authority (FSA).

Loney took on his current role at Lloyds Banking Group last year when the insurance arm of HBOS was merged into the Group. Scottish Widows forms the largest part of the insurance business.

He will replace Mike Yardley, Royal London’s current Group Chief Executive, who has been in post for 11 years. Yardley has worked for the insurer since 1978.

Loney meanwhile leaves Lloyds Banking Group after eight years, where he also previously served as managing director of Lloyds TSB’s general insurance business.

Among a number of other roles, Loney was chief operations officer at AXA Life.

He began his banking life with Lloyds as a graduate in 1986.

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