Setting new standards - Friends Life

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ANNUAL REVIEW CHAIRMAN’S STATEMENT GROUP CHIEF EXECUTIVE’S REVIEW ABOUT THE FRIENDS PROVIDENT GROUP UK LIFE & PENSIONS Our three business segments Recent history Staff and key locations • UK Provident, 3,600 staff acquired 1986 • NM Group, • Dorking • Exeter UK Life & Pensions One of the top ten companies for attracting new business, offering a comprehensive range of protection, pensions and investment products for individuals and corporate clients. acquired 1993 • London & Manchester Group, acquired 1998 • London • Manchester • Salisbury • 13 regional offices Recent history Staff and key locations International Life & Pensions A major offshore cross-border life company focusing on Asia, the Middle East, Continental Europe and the UK. Friends Provident International (FPI) Royal & SunAlliance International Financial Services was acquired by Friends Provident in 2002 and merged with our existing International division. Lombard Founded in 1991 and was acquired by Friends Provident in January 2005. FPI 360 staff • Isle of Man • Guernsey • Hong Kong • Dubai • Singapore Lombard 315 staff • Luxembourg • Switzerland The largest pan-European life assurance company of its kind. Recent history Staff and key locations F&C Asset Management 810 staff plc was formed through the merger of ISIS Asset • London • Dorking Asset Management One of the largest asset managers in Europe in terms of funds under management, offering a diverse range of products across all the major asset types. Management and F&C Holdings in 2004. Previous acquisitions were: • Ivory & Sime, acquired 1998 • Amsterdam • Dublin • Edinburgh • Frankfurt • Lisbon • Paris • Geneva F&C is a quoted company in its own right and is 52% owned by Friends Provident. • Royal & SunAlliance Investment Management, acquired 2002 • Boston, USA 10 Friends Provident Annual Report & Accounts 2006
INTERNATIONAL LIFE & PENSIONS ASSET MANAGEMENT GROUP FINANCIAL PERFORMANCE CONCLUSIONS AND OUTLOOK Market position Selectively targeting the 2006 new business by product type Distribution Through Independent Points of distinction • One of the fastest growing UK life and pensions market segments most likely to sustain profitable Financial Advisers (IFAs), banks, building societies companies • Voted 2006 Life Insurer of the Year at the British growth. Looking to build and other strategic Insurance Awards on our already strong positions in pensions and protection, and to grow our presence in investments. Group pensions 55% Investments 17% Protection 10% Individual pensions 12% Annuities 6% partnerships. • Five Star ranking for service excellence achieved for three consecutive years (Financial Adviser Practiv Service Awards) • Reputation for leading-edge technology evidenced through numerous awards • Values-driven approach to business • Market leader in retail ethical investments Market position FPI Already holds strong 2006 new business by region (FPI and Lombard) Distribution FPI Primarily via specialist Points of distinction FPI • Strong reputation with intermediaries positions in savings and investments. Looking to Independent Financial Advisers. • Commitment to the international market is a key strand of the Group strategy build our presence in pensions and protection business. Lombard Focusing on providing estate and tax planning solutions for High Net Worth Individuals (HNWIs) and ultra-HNWIs. Continental Europe 53% Asia 18% UK 12% Middle East 4% Rest of World 13% Distribution agreements and strategic partnerships likely to provide an increasing proportion. Lombard Partnership approach with: • Private Banks • Family Offices • Specialist IFAs • Independent Asset Managers • Access to Friends Provident’s core single-platform scalable system enabling superior customer service Lombard • Superior levels of international fiscal and succession planning expertise and ‘private banking’ service standards • Strong relationships with a select number of private banks and specialist advisors, including leading global institutions • Detailed understanding of the fiscal, legal and cultural realities in each country of operation Market position Focusing on the UK and 2006 funds under management Distribution • UK institutional market: Points of distinction • A major force in the UK investment trust industry Continental Europe, targeting new business in principally through investment consultants • A leading provider of fund services to the Portuguese and German retail market higher margin areas. • UK retail market: • The leading European socially responsible investor Insurance 57% Institutional 27% Retail 16% primarily through IFAs • Across Europe: F&C has developed wholesale and sub-advisory relationships with local • One of the leading distributors of Venture Capital Trusts • A major manager of UK commercial property • Actively engages with companies in which we invest with the goal of enhancing and protecting long-term shareholder value partners including Millennium BCP (Portugal), Achmea (The Netherlands), Friends First (Ireland) and MAAF Assurances (France) Friends Provident Annual Report & Accounts 2006 11
Page 1 and 2: Setting new standards Friends Provi
Page 3 and 4: ANNUAL REVIEW CORPORATE GOVERNANCE
Page 5 and 6: Group financial highlights Group
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DIRECTORS’ REPORT CORPORATE GOVER
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FINANCIAL STATEMENTS Independent Au
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PARENT COMPANY ACCOUNTS ABBREVIATIO
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Friends Provident plc Pixham End Do
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