The Association of British Insurers (ABI) has overhauled its governance structure, pushing more formal decision-making authority down to product-level boards and creating a new pensions-focused body.
Prior to the changes, ABI governance was centred on a single ABI board, supported by member-led lead committees for general insurance, long-term savings and health and protection. These committees developed detailed policy positions in their respective markets, but the board retained the final say on regulatory and political issues.
Under the refreshed structure, the ABI’s existing lead committees are being reconstituted as “product boards”, with added responsibility for determining all policy matters in the markets they represent.
The association’s main board will focus on sector-wide issues while retaining oversight of major regulatory, political or consumer matters. Product board chairs will also be given a seat on the ABI board where their firm is not already represented.
ABI chair Kay Swinburne said the new model is intended to balance long-term strategy with day-to-day 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,” Swinburne said.
In connection with the new structure, the ABI has confirmed the leadership line-up across its four product boards. The Long-Term Savings Board will be chaired by Michele Golunska, managing director of wealth and advice at Aviva.
On the general insurance side, Allianz UK CEO Colm Holmes remains chair of the General Insurance Board, while Unum UK CEO Mark Till continues as chair of the Health and Protection Board.
Alongside the governance changes, the ABI is launching a dedicated Pension Insurance and Investment Board to sharpen its focus on defined benefit (DB) pensions policy, annuity investment and developments in the bulk purchase annuity (BPA) market.
The new board will oversee work previously carried out by the Investment Delivery Forum, which was created to monitor and help deliver the industry’s pledge to invest £100 billion in UK “productive assets” over the next decade. That commitment was agreed during negotiations on Solvency II reforms and is intended to support economic growth and the net-zero transition by steering annuity capital into areas such as housing, utilities, transport and other infrastructure.
The Pension Insurance and Investment Board will be chaired by David Richardson, CEO of Just Group, who will also join the ABI board.
According to the ABI, £10.9 billion was invested in UK productive assets in 2024 alone under this programme. Annuity providers held around £178 billion – roughly 65% of their assets – in the UK in 2023, underscoring the scale of capital that could be influenced by the new pensions and investment board as the bulk annuity market continues to expand and more DB schemes move to end-game solutions.
