Setting new standards - Friends Life
Setting new standards - Friends Life
Setting new standards - Friends Life
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ANNUAL REVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS<br />
Annual Report & Accounts 2006<br />
Annual Review<br />
Corporate Governance<br />
Financial Statements<br />
2 Financial Highlights<br />
4 Chairman’s Statement<br />
6 Group Chief Executive’s Review<br />
8 About the <strong>Friends</strong> Provident Group<br />
9 Group aim and strategies<br />
10 Our three business segments<br />
12 UK <strong>Life</strong> & Pensions<br />
12 Our aim, strategies and risks<br />
13 Our view of the market<br />
14 How we are making our strategies work<br />
15 Key risks<br />
16 Our trading performance and outlook<br />
17 Our financial performance<br />
18 International <strong>Life</strong> & Pensions<br />
18 Our aim, strategies and risks<br />
19 Our view of the market<br />
20 How we are making our strategies work<br />
21 Key risks<br />
22 Our trading performance and outlook<br />
23 Our financial performance<br />
24 Asset Management<br />
24 Our aim, strategies and risks<br />
25 Our view of the market<br />
26 How we are making our strategies work<br />
27 Key risks<br />
28 Our trading performance and outlook<br />
29 Our financial performance<br />
30 Group Financial Performance<br />
30 Group profitability on the EEV basis<br />
32 Group profitability on the IFRS basis<br />
34 Shareholders’ equity<br />
35 Cash generation and long-term borrowings<br />
36 Group financial strength<br />
38 Provisions<br />
39 Conclusions and Outlook<br />
40 Corporate Social Responsibility Report<br />
44 Directors and Management<br />
44 Board of directors<br />
46 Executive management<br />
47 Directors’ Report<br />
50 Corporate Governance and<br />
Committee Reports<br />
50 Corporate Governance Report<br />
57 Audit and Compliance Committee<br />
58 Nomination Committee<br />
59 With-Profits Committees<br />
60 Remuneration Report of the Board<br />
69 IFRS Financial Statements<br />
69 Independent Auditor’s report<br />
70 Consolidated income statement<br />
71 Consolidated underlying profit<br />
72 Consolidated balance sheet<br />
73 Consolidated statement of recognised<br />
income and expense<br />
74 Consolidated cash flow statement<br />
75 Notes to the consolidated accounts<br />
165 EEV Supplementary Information<br />
165 Statement of directors’ responsibilities<br />
165 Independent Auditor’s report<br />
166 Summary consolidated income<br />
statement<br />
167 Consolidated statement of recognised<br />
income and expenses<br />
167 Consolidated movement in ordinary<br />
shareholders’ equity<br />
168 Consolidated balance sheet<br />
169 Notes to the EEV results<br />
185 Parent Company Accounts<br />
185 Parent company balance sheet<br />
186 Notes to the parent company accounts<br />
190 Abbreviations and definitions<br />
191 Shareholder Information<br />
<strong>Friends</strong> Provident Annual Report & Accounts 2006 1
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