Loney has worked at RLAM since 2011 and will step down at the end of 2019 in order to focus on his charitable interests.
During his time in the role, Loney has led the transformation of the firm from a collection of brands into a strong, single brand. Assets have grown 154% from £46bn in 2011 to £117bn in June 2018 while total life and pension new business sales have quadrupled from under £3bn in 2011 to over £12bn in 2017.
Rupert Pennant-Rea, chairman of Royal London, said: “On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London. He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”
Loney said: “Growing this business has been a real team effort with all credit to my executive team and their people. I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits. I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”
Meanwhile, the firm announced Pennant-Rea will also be leaving his role as chairman at the end of the year, having held the role for over five years. Royal London has announced his successor, subject to regulatory approval, will be Kevin Parry.
Parry is a senior independent director at Standard Life Aberdeen, having been appointed in October 2014 but will step down from the SLA board at the end of the year.
As one of the senior directors at SLA, he had been in the frame to replace outgoing Standard Life Aberdeen chairman Sir Gerry Grimstone but this position later went to Sir Douglas Flint.
In his career, Parry has worked as chief financial officer at Schroders and as chief executive of Management Consulting Group.
Pennant-Rea was a deputy governor of the Bank of England between 1993 and 1995 and joined the Royal London board as a non-executive director in 2012. He was then appointed as Royal London chair in 2013.