He joined L&G in 2009 as chief financial officer and became chief executive in 2012.

He will continue as chief executive until a replacement is appointed and will remain at the business to support a smooth transition following the appointment. The company reckons the process will take around a year.

Sir Nigel, who will be 67 in November, said: "Legal & General has been a big part of my life and my decision to retire from the group has been taken with mixed emotions.

“It has been an honour and privilege to serve as chief executive and I am deeply proud of everything we have achieved.”

He was knighted for services to the financial services industry and regional development in the 2022 New Year's Honours List.

Under his leadership, L&G said it has delivered a consistently strong financial performance with a total shareholder return of more 600% driven by significant growth in dividends, earnings per share and ROE.

John Kingman, chair of L&G, said: “Nigel Wilson is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.”

He said Sir Nigel, “successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses.” He praised the outgoing chief for “steering the group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.”

Before joining L&G Sir Nigel held senior roles at United Business Media, Halfords and Dixons. He has five daughters and three grandchildren.