 Carter was educated at the City of Oxford High School and Jesus College, Oxford, obtaining a degree in mathematics.After National Service, he joined Commercial Union in 1961, and became a Fellow of the Institute of Actuaries in 1966.He rose to the positions of Life Manager (1978 to 1980), Deputy General Manager (1981 to 1982), General Manager (1983 to 1986) and Director (1987 to 1994) before becoming Chief Executive in 1994.