30th Sep 2025 10:20
(Alliance News) - Legal & General PLC on Tuesday said Chief Financial Officer Jeff Davies will leave the firm in December, as insurer Resolution Life appointed Davies its new CFO.
London-based asset manager and life insurance and pensions provider Legal & General has promoted Andrew Kail to succeed Davies.
Kail is currently chief executive of Legal & General's largest division, Institutional Retirement, and since last year has led its largest entity, Legal & General Assurance Society. The accountant joined the firm in 2021 to head up its Retail Retirement branch, after three decades at PricewaterhouseCoopers.
Kail's appointment as CFO and executive director will take effect on December 1. Davies will step down from the board on December 10 but remain with Legal & General until the end of 2025, the firm said.
Legal & General shares fell 0.5% to 237.50 pence on Tuesday morning in London.
CEO Antonio Simoes noted: "In Andrew we have an outstanding CFO designate with deep knowledge of the different businesses of L&G and the key drivers of its performance. He is already a valued member of my leadership team and has played a pivotal role in developing and driving the group's growth strategy."
"I would like to thank Jeff for his eight years at L&G and particularly the last two years we have worked together," he added.
Davies will take up the CFO position at Resolution Life on March 2, 2026. The life insurance firm operates under RLGH Finance Bermuda Ltd, but has agreed to a takeover offer from Tokyo-based peer Nippon Life Insurance Co.
Nippon Life will pay USD8.2 billion for the Resolution Life shares it does not already own, valuing the company at around USD10.6 billion. Resolution Life's US, UK, Bermuda and Singapore business will be consolidated as a Nippon subsidiary, with plans to merge the firms' Australasian segments into a joint venture called Acenda. Resolution Life expects the deal to close in the second half of 2025.
By Holly Munks, Alliance News reporter
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