Claire Singleton will take over as chief executive of Legal & General Home Finance from current incumbent Steve Ellis later in the year.
Singleton, (pictured) currently chief executive of L&G’s Mature Savings business, will take the role after the Mature Savings business – which deals in pensions, savings and investment products – is transferred to ReAssure, part of the Swiss Re Group.
Ellis will become chief executive of Legal & General Retail Retirement Living Insurance in April, with Chris Knight, chief executive of Legal & General Retail Retirement, managing Legal & General Home Finance in the interim period.
Nigel Wilson, group chief executive of Legal & General, said: “Claire and Steve have done great jobs in Mature Savings and Legal & General Home Finance.
“We want people to achieve longer, happier, healthier lives in retirement, but finding and funding care is the elephant in the room – it is a broken market that needs to be fixed.
“This is precisely the kind of challenge where Legal & General’s inclusive capitalism, our brand and balance sheet can make a difference.”
Singleton’s appointment is subject to regulatory approval.
She said: “I am excited about joining Legal & General Home Finance later this year, and look forward to leading the business in its mission to be the mortgage lender of choice for the over 55s in the UK market.”
Legal & General Retail Retirement Living Solutions will focus initially on helping customers find and fund the care they need for themselves or their elderly relatives.
At the heart of this is L&G’s investment in Care Sourcer, a platform provider bringing digital efficiencies to the care market.
L&G said its pilot with Gloucester NHS Trust proved that better care matching technology can address nearly half (47%) of delayed discharge cases by matching people with care providers within 48 hours.
Ellis has joined the board of Care Sourcer and will work with the executive team.
He said: “Leading Legal & General Home Finance since inception has been a real privilege – it is well positioned for the future.
“Legal & General deploys our financial strength positively to deliver exceptional value to customers, shareholders and broader society.
“I am looking forward to the part we can play in resolving the issues in UK care funding and provision.”