With-Profits Committee

Mike Davies is a Fellow of the Institute and Faculty of Actuaries with over 35 years' experience in the Life Assurance industry. He joined the Committee as Chair on 1 April 2025. 

Mike is a Non-Executive Director of Aegon UK (and chairs their With-Profit Forum), and Utmost Pan-Europe.  He is a Member of the With-Profits Committee of Utmost Life and Pensions.  

He was previously a partner at EY and led their European Actuarial business, providing consulting and audit services.  His experience includes with-profits, transactions and capital management.  

Margaret Snowdon OBE is a pensions professional and experienced non-executive director. She is Senior Independent non-executive Director of XPS Pensions Group plc.

She also serves on the Advisory Board of Moneyhub Financial Technology Limited. Margaret previously held partner and director level positions with leading pension companies and until recently was an Independent Trustee of the Pension Superfund. She also served as a non-executive Director of the Pensions Regulator and was the last volunteer Chair of the Pensions Advisory Service.

Among her many voluntary roles within the pensions industry, Margaret is Chair of the Pension Scams Industry Group and was Chair of the Pensions Administration Standards Association until the end of 2018 when she became their first Honorary President.

She is Chair of the Pensions Advice Taskforce and an Advisor to the All-Party Parliamentary Group on Investment Fraud.

Margaret was appointed an OBE in 2010 and has received many awards for her contribution to Pensions.

Jenny has more than 20 years’ financial services experience across a number of roles. A qualified actuary, she started her career doing more traditional roles in Finance but has spent the last 15 years in proposition roles and is passionate about developing commercially sustainable solutions that deliver improved outcomes for customers.

In her current role, her focus is on using data and insight to understand customer needs and behaviours and using this to develop relevant and engaging journeys and experiences that support customers to and through retirement.

Jenny also sponsored the Phoenix Group Consumer Duty Programme delivery for Open products and services.

Martin has spent his career in financial services with more than 35 years in the insurance, banking and pensions industry. He is a qualified actuary who has particular expertise in complex capital, liquidity, reinsurance and financial risk matters gained through his executive career.

Martin has experience at director level from his time on Aviva’s pensions trustee board as well as from his time as an Executive Director of Aviva Group Holdings. Martin was also a Non-Executive Director of Aviva International Insurance and Aviva UK Equity Release. Prior to his appointment to Phoenix Group as a Non-Executive Director, Martin was Board Trustee and Defined Benefits Chair of Aviva Staff Pension Trustees.

Steve qualified as a Fellow of the Institute and Faculty of Actuaries in 1985. He has worked in the Life Assurance industry for over 40 years, in a variety of roles, notably as With-Profits Actuary at Royal London from 2004 until 2016.  During this time he had significant involvement in several acquisitions, including the life assurance business of Cooperative Insurance. Earlier in his career Steve held several roles at Scottish Provident Institution from 1993 to 2001, including Group and Appointed Actuary.

In early 2017 Steve joined the With-Profits Committee of Legal & General as an Independent Member and served in that capacity up to September 2020, when the L&G With-Profits business was acquired by ReAssure. He then joined the Phoenix Group With-Profits Committee in a similar capacity on January 1 2021, following the acquisition of ReAssure by the Phoenix Group . He also joined the With-Profits Committee of M&G Prudential from the start of 2021.

In addition, Steve served on the Life Board of the Institute and Faculty of Actuaries between 2011 and 2015.

Jeremy is a Fellow of the Institute and Faculty of Actuaries and has almost 40 years’ experience in the UK and European life assurance markets, both in consultancy and at senior roles within several insurance firms. He joined the Committee in September 2022 and is also a Trustee Director for the University of Brighton Academy Trust as well as for a charity that runs a Nursing Home in Sussex.

Jeremy has undertaken numerous regulated roles in the insurance industry, including as: Chief Actuary/Appointed Actuary at Rothesay Life for 10 years and at several other firms both in the UK and overseas; a director of UK/Irish subsidiaries for AIG and MetLife; the Independent Expert for a Part VII transfer of insurance business, and the Skilled Person for the Financial Conduct Authority in its Thematic Review of Annuity Sales Practices.