The ABI has refreshed its governance structure to give greater decision-making to the lead committees for general insurance, long-term savings and health and protection. Now known as product boards, the groups will determine all policy matters in the markets they represent.
The ABI Board will increase its focus on sector-wide strategic discussions whilst retaining oversight of any major cross-cutting regulatory, political or consumer issue. To ensure alignment across policy streams, a seat on the ABI Board will be given to product board chairs where their firm is not already represented.
Baroness Kay Swinburne, ABI Chair, says: “Members are central to the ABI’s work and it’s important to ensure our governance arrangements continue to best support long-term strategic ambitions alongside the delivery of our current priorities. This refreshed structure with the elevated product boards provides a robust framework as we work together to drive change for a resilient and thriving society.”
New Pension Insurance and Investment Board
Alongside the governance change, the ABI has created an additional pensions-focused product board to further strengthen the policy focus on pension insurance, annuities and investment work. The Pension Insurance and Investment Board will look at DB pensions policy, annuity investment and matters in the bulk purchase annuity market.
The Pension Insurance and Investment Board will take on oversight of the work undertaken by the Investment Delivery Forum. The Forum was set up to drive and track the £100bn investment commitment made during discussions on reforms to the Solvency II framework, with £10.9bn invested in the UK during 2024.
Hannah Gurga, ABI Director General, says: “Our members have been clear that they want a stronger voice in shaping the priorities that matter most to them. These changes put that principle into practice. By elevating our product boards and creating the new Pension Insurance and Investment Board, we are sharpening our focus, speeding up decision making, and ensuring members are driving the agenda on the issues that underpin the UK’s long-term financial security and growth.
Confirmation of product board chairs
The Pension Insurance and Investment Board will be chaired by David Richardson, CEO of Just Group, who also joins the ABI Board.
David Richardson says: “It’s an honour to join the ABI Board and to take on the role of chair of the new Pensions Insurance and Investment Board. The insurance sector plays a pivotal role in ensuring pension security for millions whilst investing billions across the UK to support jobs, growth and infrastructure renewal. The ABI champions putting the customer at the heart of our industry and I look forward to helping shape the strategic direction of our sector to maximise the benefits to consumers and the wider economy.”
The Long-Term Savings Board will focus its work on the defined contribution workplace pension market. It will be chaired by Michele Golunska, Managing Director of Wealth and Advice, Aviva. Dame Amanda Blanc, Group CEO, represents Aviva on the ABI Board.
Michele Golunska says: “The Long-Term Savings Board plays a crucial role in collectively tackling cross-generational challenges to help retirement adequacy for pension savers. I’m delighted to be stepping into the chair role and working closely with colleagues across the sector at such a pivotal moment.”
Colm Holmes, UK CEO, Allianz remains the chair of the General Insurance Board and Mark Till, CEO, Unum UK continues to chair the Health and Protection Board. Both sit on the ABI Board.
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