- ABI Board and member
group governance refresh to elevate and align
decision-making
- New pension group to focus on the Bulk Purchase Annuity
market and investment
- Chairs confirmed across the four lead groups
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
, CEO of Just Group, who
also joins the ABI Board.
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.
