Royal London CEO to step down

In a statement, the firm said Loney was standing down to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.

Royal London also announced the departure of its chairman, Rupert Pennant-Rea, at the end of 2018.

Rupert will be succeeded by Kevin Parry OBE, who currently serves as a senior independent director of Standard Life Aberdeen and a non-executive director of Nationwide Building Society.

Kevin will lead the search for Royal London's new CEO.

Rupert Pennant-Rea said: “On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London. He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”

Phil Loney commented: “It has been an incredible privilege to lead Royal London over the last seven years and to work with so many dedicated and professional colleagues. I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual.

"Growing this business has been a real team effort with all credit to my executive team and their people. I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits. I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”

Kevin Parry added: “I am honoured to have been selected as chairman of Royal London. I am firmly committed to the principle of mutuality and am looking forward to working with the rest of the board, executive team and a new chief executive to take Royal London on the next phase of its growth.”