EY has appointed Martina Neary as its UK insurance leader. She joins the UK financial services leadership team to lead across general insurance, life and pensions and specialty insurance.
The UK’s insurance market is experiencing a number of headwinds at present. EY research recently found that the country’s home insurance market experienced its worst performing year on record in 2022, for example, with further losses forecast across 2023 and 2024. Meanwhile, life insurers are rethinking their strategies, business and operating models – as while profits are growing in defined contribution pensions, bulk annuities and drawdown, profits in other lines of business look set to shrink.
As insurers look to adapt to this changing environment, EY will be in keen demand to help them with the shift. As it looks to meet these client needs, EY has installed a new head of UK insurance. Martina Neary, who is based in Solihull, steps into the role having spent seven years with the Big Four firm.
Commenting on the appointment, Anna Anthony, UK financial services managing partner at EY, commented, “I am delighted to see Martina take on the role of UK Insurance Leader. Her progression into this role reflects the instrumental contribution she has made to EY’s UK Life and Pensions business, and valued leadership of the UK Financial Services business in the Midlands. I know EY’s insurance practice will continue to play a pivotal role in shaping the future of the sector and delivering excellence for our clients.”
Neary has been a partner in EY’s CFO business since 2016. In 2020, she also stepped into the role of EY’s UK financial services Midlands leader – a role she still maintains – while in 2021 she also became EY’s UK life and pensions insurance leader. Prior to joining EY, she also spent 15 years with Big Four rival KPMG.
She added, “The insurance sector is at a pivotal moment. Firms are facing a number of economic headwinds including sustained cost and inflationary pressures, increased competition for customer assets, and at the same time, are embracing a growing appetite – again driven by customers – for digital transformation across the industry. While it’s a challenging time, it’s one filled with opportunity, and I’m thrilled to be leading this team as it continues to support our clients.”
Following the appointment, Neary takes over the role of UK insurance leader from Rodney Bonnard, who helmed the UK insurance business since 2015 – overseeing double digit year-on-year growth in that time. Bonnard remains a core part of EY’s UK financial services leadership team, and will continue his role as UK financial services markets leader.
