We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Lloyds Banking Group sets out plans – insurance a key focus

Lloyds Banking Group sets out plans – insurance a key focus | Insurance Business UK

Lloyds Banking Group sets out plans – insurance a key focus

Charlie Nunn, chief executive of Lloyds Banking Group, now has his feet firmly under the desk in what is one of Britain’s most high-profile roles.

Having joined last summer and focusing on simply steering the banking giant through the COVID-19 pandemic, Nunn has now outlined its long-term strategy – with insurance a key focal point.

During the next three years, Nunn plans to spend around £3 billion on initiatives such as boosting digital offerings, corporate banking and wealth products, with a focus on Lloyds’ role in the British housing market as the bank remains the country’s biggest mortgage lender.

However, with the wealth and insurance arm making up around 5% of group underlying profit, it now hopes to engage more with “customers around their banking, housing, insurance and simple investments,” Nunn outlined in a Bloomberg interview.

The bank is known for refreshing its strategy every few years and currently boasts 26 million customers across its business.