Powell would transition to a capital markets role to lead the current capital raising and relinquish day to day leadership duties.
Current, chief financial officer, Lesley Mamelok will step into the role while the board undertakes an executive search for Powell’s successor.
Chair Eric Dodd said: “On behalf of the Board, I would like to wish Chris well in his forthcoming retirement. Chris retires knowing that he has made an exceptional contribution to Integrity, having successfully driven the launch of one of Australia’s newest insurance companies.
“Integrity Life now has operational momentum, an established market presence, modern, adaptable technology and truly customer and adviser focused underwriting and claims processes.”
Powell was the founding chief executive for five years and is a significant shareholder.
“Having spent the last five years fulfilling my entrepreneurial ambition to launch a disruptive, innovative new life insurer, I’m looking forward to a change of pace, but will continue to support Integrity in any way I can,” Powell said.