The Australian Prudential Regulation Authority (APRA) has announced changes to its executive ranks that shift responsibilities across life insurance, private health insurance, superannuation, general insurance, and banking.
APRA said executive director for general insurance and banking, Jane Magill, has been appointed executive director, life insurance, private health insurance, and superannuation (LPHIS). Her move into the LPHIS role is scheduled to take effect on Feb. 16 and follows the departure of former executive director Carmen Beverley‑Smith. Until Magill’s start date, the LPHIS division will be overseen by acting executive director LPHIS, Peter Kohlhagen, who currently holds the role on an interim basis. When Magill assumes the position, she will take responsibility for APRA’s prudential supervision of life insurers, private health insurers, and superannuation trustees.
Magill joined APRA in May 2023 as chief of staff and enterprise services before becoming executive director, general insurance, and banking in August 2024. Her earlier career covers more than 30 years in banking, funds management, and commodity trading, with experience in Australia, Europe, and the Americas. She has held senior risk and leadership roles at Macquarie, Bankers Trust, Commonwealth Funds Management, Sanwa Bank, and Wood Gundy, and has served as an executive and non-executive director in listed and private entities. Immediately prior to joining APRA, Magill was global lead – business operational risk in Macquarie’s Commodities and Global Markets Group. She holds a Master of Arts (Natural Sciences) from the University of Cambridge and is a graduate of the Australian Institute of Company Directors.
With Magill shifting portfolios, APRA has named current general manager for banking, Peter Diamond, as acting executive director, general insurance and banking. His acting term is also due to begin on Feb. 16, the same day Magill moves into the LPHIS division. Kohlhagen will remain acting executive director LPHIS until that date, overseeing APRA’s engagement with life insurers, private health insurers, and superannuation licensees. For general insurers and authorised deposit‑taking institutions, Diamond will be the executive responsible for the General Insurance and Banking portfolio while APRA conducts a recruitment process for a permanent appointee.
Magill’s new role will sit alongside other APRA executives with mandates covering insurance and retirement incomes. Executive board member Suzanne Smith has board-level responsibility for life insurance, general insurance, and private health insurance and represents APRA at the International Association of Insurance Supervisors, including as chair of its Audit and Risk Committee and as a member of its executive committee. Smith joined APRA in 2019 and has previously led superannuation and specialised institutions within the organisation, following senior roles across life insurance, funds management, asset servicing, alternative investments, wholesale banking, and property.
On the banking side, executive board member Therese McCarthy Hockey is responsible for the sector and represents APRA on the Basel Committee on Banking Supervision. Before joining the APRA board in 2022, she served as executive director of the banking division and earlier held senior treasury and risk positions at Deutsche Bank in London. Policy and cross-sector prudential issues are handled by executive director, policy and advice, Sean Carmody, and executive director, cross‑industry risk, Chris Gower. Data, technology, and cyber-related prudential matters fall under executive director, data, technology, and security, Bruce Young.
APRA’s executive group is chaired by John Lonsdale, with deputy chair Margaret Cole responsible at board level for the superannuation sector and for representing APRA at the International Organisation of Pension Supervisors. Together with the latest appointments, the structure sets out how APRA has distributed senior roles across sector-specific and cross‑industry prudential responsibilities relevant to insurers, reinsurers, and superannuation trustees.
