Phoenix Group chief executive Clive Bannister is to leave the business and be replaced by ex-Aviva boss Andy Briggs next March.
Bannister has been with the company for nine years and oversaw several acquisitions, including the £2.9bn Standard Life Assurance deal in 2018. Phoenix also joined the FTSE100 in March.
During his time as chief executive, the group achieved a total shareholder return of 179%, while assets under management rose by 263% to £245bn. The firm increased total policyholders by 67% to 10 million.
Briggs will join the company as designate chief executive on 1 January 2020 to ensure a smooth handover, the business said in a stock exchange announcement. He will also join the board of Phoenix Group Holdings.
Briggs has more than 30 years' experience in the insurance industry. He was the boss of Friends Life, managing director of Scottish Widows, chief executive of the retirement income division at Prudential and served as chairman of the Association of British Insurers.
Most recently, he was chief executive UK insurance at Aviva. He left earlier this year. Briggs also serves as the UK government's business champion for the ageing society.
Phoenix Group chairman Nick Lyons said: "Clive has worked with great passion and energy during his nine years as CEO. He has led Phoenix in a period of sustained growth and success to its current position as the largest life and pensions consolidator in Europe and he leaves us, as a business, confident and assured."
Bannister commented: "I am delighted to welcome Andy as CEO-designate. He is the ideal candidate who combines deep knowledge of the open and heritage life businesses, strong integration and M&A skills and a proven track record in driving a radical change agenda for major UK insurance businesses."
Briggs added: "Clive has done an excellent job leading Phoenix, and the Standard Life acquisition is strategically transformational for the group."
This article originally appeared in Professional Pensions' sister publication Professional Adviser
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