Mr Loney has decided to stand down by the end of 2019 and Mr Pennant-Rea is due to depart at the end of this year.

Mr Loney was said to be standing down to “concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.”

Since joining Royal London in 2011, he has overseen 154% growth in the UK’s largest life, pensions and investment mutual from £46bn assets under management to £117bn at the end of June 2018.

Total life and pension new business sales for Royal London quadrupled from under £3bn in 2011 to over £12bn in 2017.

The company says Mr Loney “led the transformation of Royal London from a collection of individual brands into a strong, single brand with a reputation for excellent customer service.

“2017 financial results reflected the expanded revenues with EEV pre-tax profit at £594 million (compared to £321 million in 2016).”

More than a million Royal London members and qualifying customers share in the profits as a result of its unique ProfitShare scheme which has paid out over £750m. 

Commenting on Mr Loney’s departure Mr Pennant-Rea said: “On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London. 

“He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”

Mr Loney said: “It has been an incredible privilege to lead Royal London over the last seven years and to work with so many dedicated and professional colleagues. 

“I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual. 

“Growing this business has been a real team effort with all credit to my executive team and their people. 

“I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits.

“I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”

The firm announced that Mr Pennant-Rea, who has served as chairman of the board for more than five years, will be succeeded, subject to regulatory approval, on 1 January by Kevin Parry OBE. 

Mr Parry was said to have “extensive board and chair experience and a deep understanding of the asset management and life and pensions sectors gained from his executive and non-executive careers.” 

He has experience and knowledge of the regulatory environment as overseen by the Prudential Regulation Authority and the FCA. 

He currently serves as chairman of Intermediate Capital Group, senior independent director of Standard Life Aberdeen and is a non-executive director of Nationwide Building Society and Daily Mail & General Trust.

He will stand down from the board of Standard Life Aberdeen on 31 December.

Mr Parry will lead the search for a new chief executive.

The search for the chairman was led by Andrew Palmer, Royal London’s senior independent director, who said: “On behalf of the board I would like to thank Rupert for his chairmanship over the last five years. 

“Rupert has guided us through a significant period of change which has helped to consolidate Royal London’s status as a hugely successful and profitable mutual. 

“We conducted a wide ranging and extensive search for a new chairman and I am delighted that we have secured Kevin as our next chairman.” 

Mr Parry said: “I am honoured to have been selected as chairman of Royal London. 

“I am firmly committed to the principle of mutuality and am looking forward to working with the rest of the board, executive team and a new chief executive to take

“Royal London on the next phase of its growth.”