Legal & General (L&G) has joined the Association of British Insurers (ABI), effective immediately, bolstering the trade body's influence at a time of rapid change for the UK's long-term savings and retirement market.
Founded in 1836, L&G is one of the UK's largest financial services groups and a major player globally in retirement and investment solutions.It is the UK's largest provider of bulk purchase annuities, alongside its workplace pensions, retail annuities and protection offerings.
Laura Mason, CEO of retail, will represent L&G at the most senior level within the ABI’s governance structure, giving the insurer direct input into board‑level discussions on long‑term savings, retirement policy, capital and consumer outcomes.
A stronger voice
The move comes as the UK insurance and long-term savings sector faces a period of regulatory and market change. Ongoing reforms to Solvency II and broader initiatives are aimed at unlocking tens of billions of pounds of insurer and pension capital for "productive finance." At the same time, record levels of defined benefit scheme de-risking are driving unprecedented demand in the bulk purchase annuity and pension risk transfer market, while regulators sharpen their focus on value for money, Consumer Duty and retirement adequazy in workplace pensions.
Against that backdrop, having L&G at the ABI gives the insurer a stronger voice in how new capital and retirement rules are implemented in practice. For the wider market, it signals closer alignment between one of the biggest writers of bulk annuities and the main body shaping industry positions on capital standards, investment flexibility and customer outcomes in retirement.
Alignment on Solvency II and productive finance
L&G and the ABI have already been collaborating on several initiatives of mutual interest in recent years, including the tracking of the industry’s pledge to invest £100 billion in productive finance following the reform of Solvency II. With the ABI’s strengthened focus on pension investment and the bulk purchase annuity market, as well as vital ongoing work around workplace pensions and adequacy, it is a timely point for L&G to join as a member with immediate effect.
With DB schemes accelerating buy‑ins and buyouts, and policymakers looking to insurers to deploy more long‑term capital while safeguarding policyholder security, the ABI is increasingly central to negotiations on how far risk, capital relief and investment in illiquid assets can go. L&G’s membership adds another major balance sheet and data set to those discussions, with potential implications for pricing, product design and appetite across the BPA and retirement markets.
"The ABI is working at the heart of conversations to improve resilience and retirement outcomes for millions of customers across the UK," said ABI director general Hannah Gurga. "Having L&G onboard is a fantastic boost for our work and for the sector to operate as one voice. We're thrilled to have them within our membership."
