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Lloyds Banking Group sets out plans – insurance a key focus

By 25/02/2022No Comments
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.