L&G boss reveals retirement plan

The boss of UK insurer Legal & General is to step down next year after 25 years with the company.

Tim Breedon, who has been chief executive since 2006, said it had been an “absolute privilege” to lead L&G, but the end of 2012 was the right time to retire.

His spell in charge spanned the credit crisis and the first dividend cut in the company’s history after it plunged to a loss of £1.1bn in 2008.

That was followed by deep cost cuts and hundreds of jobs losses to turn the company around, but Mr Breedon said today that the company was now in “excellent shape”.

L&G posted a profit of £1.1bn in 2010 and raised its latest half-year dividend by 25%.

The group, which sells savings products, pensions and general insurance and has offices in Birmingham, Cardiff, Hove, Kingswood in Surrey and in London, said it would appoint a successor in due course.