Commercial Director Retail Annuities

Legal & General supports the savings, protection and retirement needs of around 14 million people, through our portfolio of retail and workplace businesses.

Our Retail division helps people enjoy a more colourful retirement, both directly and through their employers, including Lifetime Mortgages, Retirement Interest Only Mortgages and financial advice on our range of lending products.

We are the UK’s number one individual life insurer, and also provide Group Protection products for employers – all helping people to plan for the unexpected. We support home buying through our Mortgage Club – the UK’s largest – and our award-winning Surveying Services team. And our fintech team finds and supports socially useful start-ups and scale-ups working in the workplace, home, insurance and wealth areas.

Joining us means helping create brighter financial futures for all our customers. 

Internal Closing Date: 28th Feb 2025 

We’re recruiting for a Commercial Director Retail Annuities to join us. As the Commercial Director you will spearhead the commercial development of the Retail Annuities business taking ownership for pricing, underwriting and longevity science teams. You'll be tasked with the development and delivery of pricing and underwriting strategies to enable the Retail Annuity business to meet its financial targets and business objectives.

What you'll be doing:

• You will oversee our Retail Annuity business, taking a key role driving and delivering strategies and commercial performance, ensuring the business meets its goals.
• Develop and deliver Pricing and Underwriting strategies that align with our business objectives and the wider L&G strategy.
• By optimising Retail Annuity product pricing to hit financial targets, you will ensure we have market-leading commercial pricing capability through market understanding, sophistication, and system implementation. You also formulate and implement underwriting methodologies to drive growth and ensure appropriate returns on risk-based capital.
• Drive our longevity science team to excel in understanding longevity assumptions by medical condition.
• Work closely with the Annuity Distribution and Direct teams to enhance our pricing approaches and provide commercial focus and actuarial expertise across the business.
• You will oversee our product pricing systems to keep annuity rates accurate and our market position strong.
• As the leader, you will motivate, develop and manage team, and have full budget ownership from expense to building quarterly forecasts.
• Develop and implement pricing models that balance commercial goals with fair value for customers.

Who we're looking for:

• You must have a strong understanding of Retail Products & Propositions and can demonstrate comprehensive knowledge of the retail retirement market and understand customer needs.
• You need to possess technical expertise in product features, pricing, insurance, and market risk.
• You’ll have actuarial knowledge with a thorough understanding of cashflows, capital requirements, and profitability impacts.
• Be knowledgeable about the regulatory environment, assessing profit impact and anticipating necessary product and pricing changes.
• Be knowledgeable about the regulatory environment, assessing profit impact and anticipating necessary product and pricing changes.

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:

• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes 
• Generous pension contribution
• A company car allowance
• Life assurance  
• Private medical insurance (permanent employees only)
• At least 30 days holiday, plus public holidays. There’s also the option to buy and sell holiday
• Competitive family leave
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice
• Recommend L&G as a wonderful place to work and earn referral money if someone you know joins us
• Access to hundreds of discounts, both for our own products and at a range of high street stores and online  
• Flexible working options, including recently redesigned and award-winning offices which are great spaces to connect and collaborate and have your wellbeing at the heart

#EXEC-L