Setting new standards - Friends Life

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Friends Provident plc Setting new standards “Setting our sights still higher, towards the end of 2006 the Board set a new Vision for the Group, which is ‘To be the standard by which all other providers are judged’. We believe this properly reflects our desire and determination to take a lead in lifting standards in our industry and so help restore the confidence of consumers. ” Sir Adrian Montague, Chairman Some of the external recognition we received in 2006: Life Insurer of the Year Customer Care Award Life & Pensions Investments Overall E-commerce Company of the Year Life Protection Pensions Life Assurance Company of the Year Best Ethical Investment Provider Fund Management Asset Management Best Investment Trust Group Group Personal Pensions Group Stakeholder Pensions Investment Bonds Online Finance Awards Best Protection Site (B2B)
ANNUAL REVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS Annual Report & Accounts 2006 Annual Review Corporate Governance Financial Statements 2 Financial Highlights 4 Chairman’s Statement 6 Group Chief Executive’s Review 8 About the Friends Provident Group 9 Group aim and strategies 10 Our three business segments 12 UK Life & Pensions 12 Our aim, strategies and risks 13 Our view of the market 14 How we are making our strategies work 15 Key risks 16 Our trading performance and outlook 17 Our financial performance 18 International Life & Pensions 18 Our aim, strategies and risks 19 Our view of the market 20 How we are making our strategies work 21 Key risks 22 Our trading performance and outlook 23 Our financial performance 24 Asset Management 24 Our aim, strategies and risks 25 Our view of the market 26 How we are making our strategies work 27 Key risks 28 Our trading performance and outlook 29 Our financial performance 30 Group Financial Performance 30 Group profitability on the EEV basis 32 Group profitability on the IFRS basis 34 Shareholders’ equity 35 Cash generation and long-term borrowings 36 Group financial strength 38 Provisions 39 Conclusions and Outlook 40 Corporate Social Responsibility Report 44 Directors and Management 44 Board of directors 46 Executive management 47 Directors’ Report 50 Corporate Governance and Committee Reports 50 Corporate Governance Report 57 Audit and Compliance Committee 58 Nomination Committee 59 With-Profits Committees 60 Remuneration Report of the Board 69 IFRS Financial Statements 69 Independent Auditor’s report 70 Consolidated income statement 71 Consolidated underlying profit 72 Consolidated balance sheet 73 Consolidated statement of recognised income and expense 74 Consolidated cash flow statement 75 Notes to the consolidated accounts 165 EEV Supplementary Information 165 Statement of directors’ responsibilities 165 Independent Auditor’s report 166 Summary consolidated income statement 167 Consolidated statement of recognised income and expenses 167 Consolidated movement in ordinary shareholders’ equity 168 Consolidated balance sheet 169 Notes to the EEV results 185 Parent Company Accounts 185 Parent company balance sheet 186 Notes to the parent company accounts 190 Abbreviations and definitions 191 Shareholder Information Friends Provident Annual Report & Accounts 2006 1
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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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