Peter Drummond, who saw Legal & General’s Bahrain-based Gulf joint venture life insurance business through its 2015 sale to its locally-based JV partner, Ahli United Bank, announced today that he is to leave the company.
The announcement comes a day after the company announced that as of today, it is to be called Al Hilal Life, and a subsidiary formerly known as Legal & General Gulf Takaful is now to be called Al Hilal Takaful.
Drummond, who is originally from the UK, is well known to many in the international life and advisory industry, and has held a number of senior positions at such companies as Friends Provident International, Oman Insurance Co, Muscat Life Insurance and NatWest Insurance Services.
In a statement, Drummond said that “having steered L & G Gulf and Takaful through the [recent] sale” – and in the process having overseen the diversification of its distribution network, an increase in its turnover, a cutting of costs, a reduction in its losses and alongside all that, having helped to orchestrate the recently announced re-branding – now seemed “a good time to move on”.
Earlier this week, L&G Gulf published its 2015 results, which included a 16% increase in gross written premiums, a 15% gain in funds under management, a drop in costs of 23% and a 70% reduction in losses compared with the same 12 -month period in 2014.
Drummond added: “Al Hilal Life and Al Hilal Takaful, as they are [now] named, have a robust strategy in place, a succession plan, and a great management team. I look forward to seeing the companies go from strength to strength.”
Drummond didn’t say what plans he has going forward, apart from saying it would involve the insurance industry.
Al Hilal Life didn’t say who, if anyone, had been named to succeed Drummond as CEO.