Andy Briggs is set to become chief executive of Friends within the next six months, with Trevor Matthews moving to the role of vice chairman.
Matthews is stepping down from the role because he intends to return to his native Australia within three years, which is roughly when Resolution intends to return Friends to public market ownership.
Briggs will now lead the business through that transition. He is currently chief executive of general insurance at Lloyds Banking Group the largest bancassurance business in the country. He previously held the role of chief executive of Scottish Widows, and spent 19 years at Prudential, where he was most recently chief executive of retirement income.
Friends’ says it intends to create new propositions in a range of areas, including annuities.
Trevor will initially work with Andy to help him achieve a smooth transition to his new role and will then focus on enhancing and promoting Friends role with major clients, key business partners, and other stakeholders including the financial and investment community, government, regulators and the public.
John Tiner, CEO of Resolution Operations LLP, says: “We are immensely grateful to Trevor for the work he has done at Friends and are pleased that he will continue with the group. We are also fortunate to have found someone with the skills Andy brings to Friends as we move from the acquisition phase to integration and maximising the value from the assets Resolution Limited has acquired.”
Trevor Matthews says: “I am thoroughly enjoying my time at Friends and am excited about my continuing role. I think Andy will be a tremendous asset to the Group and I am looking forward to working with him and promoting Friends to all our stakeholders.”
Andy Briggs says: “I have watched the role Resolution has played in consolidating the UK life sector with interest and am excited about leading the executive team of Friends. We have a fantastic opportunity to create a major player that delivers real value for customers and shareholders. I am looking forward to joining a group of hard working, enthusiastic people.”