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Daily Insurance Industry News
Sunday 19th of August 2018
April 22, 2009

L&G’s finance director to step down

by Gill Montia

Story link: L&G’s finance director to step down

Legal & General’s (L&G) group finance director is to be replaced, the Daily Telegraph has reported.

Andrew Palmer took up the post in 2001 and is expected to step down by the end of this year.

The newspaper describes investor relations as having soured in recent months; the group posted a loss of £1.5 billion in 2008 and halved its final dividend to 2.05p a share, representing a cut of one-third for the full-year pay-out.

The board justified its action by saying it needed to preserve capital strength following a 31% fall in the insurer’s equity investments and a 27% decline in the value of its property portfolio.

L&G chairman, Sir Rob Margetts, is understood to be seeking a replacement for Mr Palmer and may be considering both internal and external candidates.

L&G’s investment unit remains the biggest investor in the UK stock market.

 

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