Gay has spent over a year at AIFA abd will now take up the position of director of life, savings and protection at the ABI.
Earlier in the week AIFA announced the appointment of Chris Hannant as a policy director for the association, in a move they said would help them during a year that is sure to be dominated by regulatory initiatives.
John Gummer, chairman of AIFA, said: "During a difficult year for members AIFA has continued to provide a strong and essential voice for its profession. AIFA has reduced its costs, while increasing revenues and has improved operations and governance.
"It is now in a better position to provide the single, strong and united voice that is able to influence on regulators and policy makers in the UK and Europe.
"Stephen’s leadership has been crucial to AIFA’s improvement over the past year," he added.
