Rothesay Life gets new top brass in the boardroom as insurer reveals plans for £3bn IPO
Five new directors will join the board at insurance firm Rothesay Life it announced yesterday after stating 2014 pre-tax profits leap by a third.
Among the new appointments will be Andrew Stoker, the current chief financial officer, who will be taking up the role of executive director. In addition to Stoker, Richard Beriland, Glenn Earle, Naguib Kheraj and Raymond King will be taking up non-executive directorships.
The insurer, which on Sunday announced it is gearing up for a potential £3bn float, enjoyed a pre-tax profit rise of 33 per cent in 2014 to £244m.
The company said it experienced £4.1bn of business volume during the year ending 31 December, driven in part by repeat transactions from existing clients.
Rothesay also said its low-risk approach was paying off with £2.8bn of longevity hedging and disciplined underwriting increasing its economic capital surplus by £321m to £802m.
Commenting on the results Addy Loudiadis, chief executive, said: “Rothesay Life has delivered another strong performance in 2014 as a result of our selectively pursuing growth opportunities. These meet our strict return hurdles, meticulous risk management and cautious investment strategy, combined with continuous innovation to meet clients’ needs.”