- Kunal Sood has been promoted to the role, responsible for driving growth of Standard Life's Bulk Purchase Annuity (BPA) business
- He will take over from Justin Grainger, who has been promoted to Commercial Finance Director
Standard Life, part of Phoenix Group, today announces the promotion of Kunal Sood to Managing Director of Defined Benefit Solutions and Reinsurance, responsible for driving the continued growth of Standard Life's market-leading BPA business. Previously Director of Reinsurance and Structuring, Kunal will bring his experience to build the customer proposition, further develop the BPA solutions offering and ensure there is capacity to meet high levels of market demand.
Justin Grainger has also been promoted, moving into his new role Commercial Finance Director where he will play a key role in managing the Group's £46bn back book of annuities. In his new position, Justin will provide a more holistic view across the business, with the aim of building on the business' risk management, implementing strategy, and ultimately ensuring strong investor outcomes. Previously Managing Director of Defined Benefit Solutions, Justin has played a critical role in the growth of the BPA business which secured 13% market share in H1 2022.
Kunal Sood, Managing Director of Defined Benefit Solutions and Reinsurance commented: "Standard Life's BPA business has seen huge growth over the last few years and it's an exciting time to be in the industry, with improving funding levels and an extraordinary level of demand being seen across the market. Standard Life plays a vital role in supporting Trustees and Schemes looking for tailored solutions to help deliver on their de-risking strategies, and I look forward to bringing my experience to the team as we continue growing this important area of the business.
Tom Ground, Managing Director Retirement Solutions, commented: "Standard Life's DB Solutions business has undergone a period of huge development over the last few years, and the growth of the BPA business in particular - led by Justin and the team - has been significant. Justin's efforts have been key to Standard Life becoming the significant player in the BPA market that it is today, and his promotion to this new role reflects his contribution to the business. I look forward to working closely with him in his new role.
"Under Kunal's leadership, I am confident the BPA business will continue to go from strength to strength. His promotion is also a reflection of the instrumental role he has had in the development of Standard Life's reinsurance capabilities, which has also played a significant part in the success of the DB Solutions business. His experience and knowledge of the industry makes him both a natural fit and well-placed to continue Justin's efforts I look forward to working with Kunal in his new role, as he and the team continue growing this important area of the business."
Notes to editors:
About Standard Life
- Standard Life is a brand that has been trusted to look after peoples' life savings for nearly 200 years
- Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers' pension scheme.
- Standard Life is part of Phoenix Group, the largest long-term savings and retirement business in the UK. We're proud to be building on nearly 200 years of Standard Life heritage together
- Our products include a variety of Pensions, Bonds and Retirement options to suit people's needs, helping our customers to invest and save for their future. We're proud to offer a leading range of sustainable and responsible investment options.
- We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about