Royal London announced that its chairman Kevin Parry has informed the board that he does not wish to serve beyond this year “and the board has therefore accepted his resignation in line with his notice period.”

Lynne Peacock, current deputy chair, will take on Parry’s responsibilities as interim chair with immediate effect.

“One of her first actions will be initiating and overseeing a search for a new chair with the full support of the board,” said Royal London.

By December 31, 2024, Parry will have served six years on the board.

Royal London describes itself as “the largest mutual life, pensions and investment company in the UK, and in the top 30 mutuals globally” with assets under management of £169 billion, 8.5 million policies in force and over 4,400 employees.

The group employs roughly 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.

Parry said: “It has been a privilege to chair Britain’s leading mutual insurance and asset management group.

“The group needs to continue to develop its strategy to take advantage of market opportunities for growth across its insurance and asset management businesses for the benefit of our members.

“That requires leadership from a chair who can commit to a medium-term tenure of five or so years which is not available to me.

“I am grateful to Lynne for agreeing to take on the interim chair role whilst my successor is identified. I wish all my colleagues and our members the very best for the future success of Royal London.”

Peacock said: “On behalf of the board, I would like to thank Kevin for his advice and guidance in leading the strategic development of Royal London over the time of his tenure and wish him all the best in his next ventures.

“Personally, I have known Kevin for many years and whilst I know that we will all miss him, we understand the reasons for his decision.”