Canada Life has appointed Andy Watson as chair for the UK as Derek Netherton is to step down later this year after a decade at the helm.

Watson, who joined Canada Life as a non-executive director at Canada Life 18 months ago, said: "I look forward to taking over from Derek later this year and thank him for his excellent leadership.

"I have admired his stewardship of Canada Life Limited and its board since joining the company as a non-executive director. We have even further ambition for Canada Life in the UK - it's a great organisation and a great time to be appointed as chair."

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Lindsey Rix, CEO, Canada Life UK, said: "I would like to thank Derek for his direction as he steered the business through an ever-changing economic and regulatory landscape over the past decade while overseeing the company grow from strength to strength.

"All of us here at Canada Life wish him all the very best for the next challenge."

Rix added: "I am delighted to welcome Andy as incoming chair, having joined the board 18 months ago.

"Andy brings a wealth of experience with a strong customer focus and wide market experience, and I look forward to working with the board and UK executive to deliver our strategic priorities and purpose."