5 December 2012

Stephen Shone steps down at Royal London

Royal London, the UK's largest mutual life and pensions company, has announced that Stephen Shone will be stepping down as Finance Director on 31 December 2012.

Stephen, 55, has been Finance Director of Royal London for 14 years.  He will continue to lead to conclusion the Group's acquisition of the Co-operative Banking Group's life insurance and asset management businesses before leaving the business fully. 

Tim Melville-Ross, Chairman of the Royal London Group, said:

"During his time with Royal London, Stephen has created and delivered strategies which have led the business through significant change and transformation, and which have resulted in the successful position that the Group enjoys today.  He has been responsible for identifying opportunities for the business to diversify and transform itself into the UK's largest life and pensions mutual with a strong capital base and a portfolio of expert businesses.

"Stephen's performance, vision and commitment has led to a strong financial position and the high calibre team that he has developed and put in place, will continue to stand us in good stead going forward.

"I would like to take this opportunity to thank Stephen for the immense contribution he has made to our business and for his continued focus on the future success of the Royal London Group."

-ENDS-

For further information please contact:

Royal London

Scott White, Interim Head of PR                                                                     0131 456 7095

                                                                                                                         07919 170 713

Redleaf Polhill

Jenette Greenwood

Marlene Scott                                                                                                  020 7566 6750

Editor's Notes:

Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:

·     Scottish Life - UK pensions market

·     Bright Grey - UK protection market

·     Scottish Provident - UK protection market

·     Caledonian Life - ROI protection market

·     Royal London 360° - offshore investment markets

·     RLAM - fund management

·     Royal London Plus - life and pensions administration

·     Ascentric/IFDL - Wrap platform

·     MoneyVista - online financial planning service for consumers

Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £48.7 billion.  Group businesses serve around 4 million customers and employ 2,930 people.  Figures quoted are as at 30 September 2012.