The FT reports L&G appointed Mark Gregory to the post, who has worked for the firm for 15 years, after searching for an FD for 12 months.
It said the Prudential Regulation Authority (PRA) stepped in to prevent Oliver Tant, ex-head of UK audit at KMPG, taking the position on the grounds that he lacked experience.
The PRA did not feel he had enough knowledge of the insurance industry, the report said, despite him being one of the UK’s most senior accountants.
The FT added that sources said Gregory was not originally a candidate for the role. He was busy with other projects, such as overseeing L&G’s Retail Distribution Review readiness and its Cofunds acquisition.
The length of time taken to fill the position “highlights the difficulty in finding a CFO in the insurance sector with relevant experience who is willing to take on such a complex role”, said Oriel Securities analyst Marcus Barnard.