Directorate Change

The Company announces that Graham Sheward, Chief Executive Officer, has decided to retire from the Company, having served in the role of Chief Executive Officer for over three years. Graham will step down as CEO and executive director with effect from 2nd August 2024 and will continue to work with the Company as required until the end of December 2024.

Following Graham's decision to retire from the Company, the Board is pleased to announce the appointment of Thomas Morfett as the Company's Chief Executive Officer (CEO), subject to any relevant regulatory protocols.

Thomas joined the Company in April 2023, serving as a Board member and Chief Financial Officer (CFO) since then. Thomas is a Chartered Accountant and Actuary and has close to 20 years' experience in the life assurance industry, most recently at Utmost and previously Canada Life and Zurich. He has extensive financial, commercial, M&A and business transformation experience.

Thomas will also continue in the role of CFO for an interim period pending appointment of a successor as CFO. A search for his successor as CFO will commence shortly.

Full details of the impact of the departure on remuneration will be disclosed in the Directors' Remuneration Report within the Annual Report and Accounts for the year ended 30 June 2024, and subsequent years, if appropriate.

Philip Kay, Chairman, said:

"I would like to thank Graham for his efforts over the last three years, during which significant progress has been made with the achievement of long-standing strategic objectives."

"We are also delighted to be able to announce Thomas as our next CEO allowing a seamless transition. Thomas has had a very positive impact since joining the Company last April and we see him as the ideal person to lead our executive team in capitalising on the framework Graham has put in place over the last few years."

Graham Sheward said:

"I have thoroughly enjoyed my time as CEO over the past three years and I am proud of our achievements during this time, delivering on two key strategic objectives that the Company has been focussed on since 2018. I have every confidence that my successor will lead the Company to further success in the future."

Thomas Morfett said:

"I am delighted to be transitioning to this role at such an exciting time in our corporate history. I would like to add my thanks to Graham for his support since I joined the Company in April 2023, and look forward to building on his legacy."