The Business On: Phil Loney, CEO-designate, Royal London
Tuesday 16 August 2011
A bit of a shrinking violet?
You could say that. Mr Loney is about to become the head of Britain's biggest mutual insurer, a business that has been gobbling up smaller rivals at a rate of knots. But he's not a high-profile figure, preferring to hide away in his office at Lloyds Bank, where he'd been head of life, pensions and investments for barely a year before jumping ship to become chief executive of Royal London.
So what do we know about him?
He's been in the financial services industry pretty much since leaving the University of Durham, where he read economics. He actually started his career at Lloyds as a management trainee, but his big jobs have all been in insurance. He went through AXA, Norwich Union and Saga before returning to Lloyds, where he'd been head of Lloyds TSB General Insurance for seven years prior to taking his most recent job. In other words, an insurance man through and through.
Are you trying to say he's dull?
No offence, but most insurance people are, well, a bit dull. It's the nature of the beast. But perhaps there's more to Mr Loney than meets the eye. After all, it's standard practice to wear a suit for your Linkedin photo (because employers might look at it). But Mr Loney's pictured in a sweater and jeans in front of a rather beautiful mountain scene.
I know, I know. He also professes to be a keen Chelsea fan and is a church youth worker (an odd combination, we know). Still, he'll probably be chained to his desk for the forseeable future.
Why's that then?
Well, having upset a lot of people by closing the iconic Liverpool HQ of Royal Liver, one of the myriad businesses it's been acquiring, Royal London is now seeking a deal with Co-operative Financial Services, in what would be a mutual mega-merger. That will be quite a challenge to successfully integrate. Happily, Royal London said yesterday that its £2m loss in the first half of last year had been turned into a £138m profit, with sales rising at 10 per cent. Mr Loney obviously knows a bit about good timing.
- 1 National Orgasm Day: Six reasons (plus one bogus one) why they're good for us
- 2 The 'world's most beautiful vagina' has been debunked by science
- 3 John Green schools morning show hosts after awkward interview with Cara Delevingne
- 4 Doctor Who: Christopher Eccleston says why he left the BBC series after just one series
- 5 'Rowdy' Roddy Piper dies: Wrestling legend dies aged 61, according to reports
What turns someone into a conspiracy theorist? Study to look at why some are more 'receptive' to such theories
Whoopi Goldberg tells Cara Delevingne to suck it up: 'She's not famous. I'M famous'
John Green schools morning show hosts after awkward interview with Cara Delevingne
Supermodel Gisele Bundchen mocked for wearing a burka to avoid being seen visiting plastic surgeon in Paris
'Rowdy' Roddy Piper dies: Wrestling legend dies aged 61, according to reports
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: This is an exciting opportunity...
£13000 - £15000 per annum: Recruitment Genius: Are you passionate about custom...
£22000 - £25000 per annum: Recruitment Genius: Main purpose: Under the directi...
£35000 - £37000 per annum + benefits : Ashdown Group: Contracts Manager - City...