Downing joined L&G in 2009 as finance director for the protection and annuities division and became group financial controller in 2010. He has also been working as interim group chief financial officer covering the role since Nigel Wilson was promoted to group chief executive officer.
The group said it had largely driven its business growth organically in the past, with its last acquisition of any kind coming in the form of Suffolk Life back in 2008.
Like many blue chips L&G has a healthy amount of cash on its balance sheet, with more than £4bn of funds to draw on and according to a spokesperson for the firm, cash flow has been strong.
“For the past few years as the cash flow has come through in a low interest rate environment keeping it in cash means you are getting low returns on it,” the spokesperson continued.
It is thought L&G will build on its core business propositions rather than opt for transformative acquisitions.
“There is a long track record of that not developing that well in our sector. We will be looking in areas we are already active, with no huge changes of direction, so protection, savings and investment management,” the spokesperson said.
The group is approached with M&A ideas on a regular basis, but when probed further said it was impossible to predict when the first deal would be completed.
“It is a question of knowing when the right one comes in and executing it at the right price,” the company said.
Prior to starting at L&G Downing worked for nine years at Britannic Group, then Resolution, where he worked on the M&A side of the business as head of corporate development and then divisional finance director.
