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 Group Chief Executive’s Review Let me start my first review as Group Chief Executive by saying how immensely privileged I feel to be given the opportunity to lead this great Company, succeeding Keith Satchell who has been an outstanding chief executive over the past ten years. Under his leadership, the Friends Provident Group has been transformed into one of the acknowledged leaders in our industry, significantly larger than when he took office, and now with much greater potential for further profitable growth. The Group has continued its strong advance through 2006 and these are some of the most notable highlights: UK Life & Pensions • New business profits up by more than two-thirds as a result of record sales • Cementing our position as one of the top providers of pensions • Being selected by the John Lewis Partnership to offer life assurance to their customers – the first such retail distribution agreement for us • Being voted Life Insurer of the Year at the annual British Insurance Awards and retaining our 5 Star service rating for the third consecutive year International Life & Pensions • Achieving record sales and significantly increasing the associated profit • Opening new branch offices in Singapore and Switzerland, extending our international reach • Successfully entering the pensions market in Germany • Deepening penetration of existing markets and enhancing diversification of earnings by territory Asset Management • Restructuring the way the business is managed and strengthening the investment teams • Developing new products to build our position in higher margin areas • Identifying new distribution and growth opportunities • Making real progress in embedding a performance driven culture It is evident from these achievements, and from our financial results generally, that the Friends Provident Group has been successfully building momentum ever since our stock market flotation in 2001, accelerating year on year. It led us to announce in 2006 that we aim to grow the value of UK new business at a very challenging rate; also to express our confidence in the continued growth of our International operation and in the successful turn-round of the asset management company, F&C. This general gathering of pace has characterised 2006 and I am confident that 2007 will see this trend of success continue. Philip Moore, Group Chief Executive 6 Friends Provident Annual Report & Accounts 2006
INTERNATIONAL LIFE & PENSIONS ASSET MANAGEMENT GROUP FINANCIAL PERFORMANCE CONCLUSIONS AND OUTLOOK “Philip Moore succeeded Keith Satchell as the Friends Provident Group Chief Executive at the beginning of 2007. Here he gives his views… ...on strategy Expect no significant change. The strategy we have followed over recent years has proved to be the right one. It has brought us much success and will continue to do so. Although new to the top job, I have worked closely with Keith, the Board and my other management colleagues over the last three years in developing the general direction of the Group and I have every confidence in it. ...on customers We have to ensure that the interests and expectations of our customers remain at the heart of everything we do. We work in an industry that is often perceived negatively. We must play our part in reversing this perception, because our industry actually does so much good in helping people manage their finances, often at very difficult times in their lives. ...on culture Friends Provident has a very distinctive culture that benefits our customers and ourselves. It has been created and is sustained by the people who work for us and the talent, innovation and high values we apply to our work. We have a superb team and our good reputation is in safe hands. It is a team that is really making a difference and I am grateful to them all. ...on values Whether at business or individual level, there is a right and a wrong way to behave, and it matters. We operate to a set of values that not only reflects Friends Provident’s unique heritage but also gives us a real competitive advantage today. ...on service I see service as the end result of everything else we do. It is what distinguishes us from others. It cannot be done well without investing in many things, but at heart, quality of service is a reflection of the quality of the people who deliver it, and our people are very good. What we do is worthwhile. Many rely on us. We must never lose sight of the power of the human touch. ...on style Everyone is different and that’s a good thing. My job is partly to ensure Friends Provident is a place where everyone can realise their full potential for the good of all. We want our people to believe in themselves and in the decisions they make, and even take calculated risks which they feel are appropriate to help us achieve our aim, which is to set new standards in our industry. ...on outlook I recognise that I am taking over at a very exciting time in the development of the Friends Provident Group. We have three good businesses, albeit that each is at a different stage in its development. But each has real potential, and the marketplaces in which we operate, although still fiercely competitive, are now more positive than they have been over recent times. I confidently expect the Group to go on growing and to do ” so profitably. Friends Provident Annual Report & Accounts 2006 7
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Friends Provident plc Pixham End Do
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