Phoenix Group Holdings has a Premium Listing on the London Stock Exchange and is a member of the FTSE 250 index.
|
|
- Dwight Barton
- 5 years ago
- Views:
Transcription
1 Last updated 1 September 2016 MEDIA FACTSHEET PHOENIX GROUP Phoenix Group Holdings has a Premium Listing on the London Stock Exchange and is a member of the FTSE 250 index. The Group is a closed life assurance fund consolidator that specialises in the management and acquisition of closed life and pension funds, and operates primarily in the United Kingdom. The Group has over 4.7 million * policyholders and assets of 47 billion *. The Group s core business segment: life assurance (including its management services operations) is referred to as 'Phoenix Life'. The Group has two operating life companies which hold policyholder assets. Our mission To improve returns for Phoenix policyholders and deliver value for shareholders. Our vision To be recognised as the industry solution for the safe, innovative and profitable decommissioning of closed life funds. *As at 31/12/2015 PHOENIX GROUP CUSTOMER FACING LIFE COMPANIES The Group includes: Phoenix Life Limited Phoenix Life Assurance Limited 1
2 WHAT WE DO How we create value We create value for our customers by maximising policyholder returns through our specialist expertise and innovative management of closed life funds. We create value for our shareholders by generating profits from the growth of our funds and releasing excess capital as dividends. How we manage risk We operate a comprehensive risk management framework which identifies, assesses and mitigates the risks facing the Group. How we govern our business We operate a robust governance structure embedded in an experienced management team, with independent Boards and Committees for the Group. FOUR AREAS OF STRATEGIC FOCUS Drive value: In order to drive value, the Group looks to undertake management actions which reduce costs, release capital, accelerate cash flows or enhance economic value. Manage capital: The effective management of our risks and the efficient allocation of capital against them is critical in allowing us to achieve our strategic and operational objectives. Engage people: Our people underpin everything that we do. The Group specifically targets, recruits and develops top quality people to support the achievement of its strategic and operational objectives. Improve customer outcomes: Improving customer outcomes is central to our vision of being the saver friendly industry solution for closed life funds. 2
3 FULL YEAR 2015 FINANCIAL HIGHLIGHTS Operating companies cash generation million (31 Dec 2014: 567 million) With cash generation of 225 million, the Group met its full year cash generation target for 2015 of 200 million to 250 million. Cash remitted reflects free surplus within the life companies and the benefit of management actions implemented in the period. The reduction from the prior period reflects the retention of capital in the life companies in advance of the transition to the new Solvency II capital regime. Dividend per share pence per share (31 Dec 2014: 53.4 pence per share) The Board has recommended a final dividend of 26.7p per share, bringing the total dividend for the year to 53.4p per share. The final dividend is due to be paid on 13 May 2016, subject to shareholder approval at the Company s AGM Group IFRS operating profit million (31 Dec 2014: 483 million) Group IFRS operating profit has decreased by 159 million to 324 million principally due to the lower impact of management actions compared to the previous period. Solvency II Surplus billion Our opening Solvency II surplus of 1.3 billion represents a robust and resilient capital position. Group MCEV - 2,513 million (31 Dec 2014: 2,647 million) With cumulative incremental embedded value from management actions of 466 million, the Group has exceeded the cumulative incremental embedded value target of 400 million from The reduction of Group MCEV from the prior period primarily reflects dividend and financing costs, the adverse impacts of economic conditions and changes in asset portfolios ahead of Solvency II implementation, partly offset by management actions. 3
4 POLICYHOLDER SPLIT As at 31 December 2015 there were just over 4.7 million policies in force across the Group. This figure includes: Over 2 million whole-of-life and endowment policies 1.7 million pensions Nearly 400,000 annuities in payment Over 250,000 pure protection policies (term assurances, critical illness and income protection) Over 200,000 investment bonds Split across: 2 million Non-Profits policies. (This includes policies which were originally With-Profits but which have been paid-up and no longer receive bonuses) Over 900,000 Traditional With-Profits policies Over 900,000 Unit Linked and Index Linked policies Over 900,000 Unitised With Profits policies A BRIEF HISTORY OF THE GROUP The following shows the Group s original entities, their various acquisitions and key achievements over the years: 1782 Phoenix Assurance established 1806 London Life established 1835 NPI established 1836 Edinburgh & Glasgow Assurance established 1837 Scottish Provident established 1857 Pearl Loan Company established 1905 Britannic Assurance Company established 1996 Royal & Sun Alliance established 1999 Britannic acquires Alba Life 2001 Abbey National acquires Scottish Provident 2004 Resolution Life Group acquires UK life operations of Royal & Sun Alliance Britannic acquires life operations of Allianz Cornhill 2005 Pearl Group created Resolution Life Group acquires Swiss Life (UK) plc Britannic acquires Century Group and merges with Resolution Life Group to form Resolution plc 2006 Resolution plc acquires Abbey National s life business 2008 Pearl Group acquires Resolution plc 2009 Liberty Acquisition Holdings (International) acquires Pearl Group 2010 Pearl Group renamed Phoenix Group Holdings and achieves Premium Listing on London Stock Exchange 4
5 2012 Transferred approximately 5 billion annuity liabilities to Guardian Assurance Transferred business of NPI Limited to Phoenix Life Limited and London Life Limited to Phoenix Life Assurance Limited 2013 Successful debt re-terming and equity raising of 250 million 2014 Divestment of Ignis Asset Management Refinanced the Group s remaining senior bank debt and PIK notes into a single 900 million facility Issued 300 million unsecured 7 year bond 2015 Investment grade credit rating achieved from Fitch Ratings Solvency II full internal model approved Exchange of Tier 1 bonds into new subordinated notes LEADERSHIP Executive Management Team Clive Bannister Jim McConville Fiona Clutterbuck Steve Fawcett Andy Moss Wayne Snow Simon True Quentin Zentner Group Chief Executive Group Finance Director Head of Strategy, Corporate Development and Communications Group Human Resources Director Chief Executive, Phoenix Life Group Chief Risk Officer Group Chief Actuary General Counsel Phoenix Group Holdings Board Henry Staunton Clive Bannister Jim McConville René-Pierre Azria Alastair Barbour Ian Cormack Isabel Hudson Kory Sorenson David Woods Chairman Group Chief Executive Officer Group Finance Director Non-Executive Director Non-Executive Director & Audit Committee Chairman Non-Executive Director & Remuneration Committee Chairman Non-Executive Director Non-Executive Director Non-Executive Director & Risk Committee Chairman 5
6 CUSTOMER FOCUS What motivates me is that I work for a Group that genuinely cares about making a difference for customers. Phoenix is determined to set standards for the industry, for example in areas such as finding missing policyholders. Susan McInnes, Customer Director Our Treating Customers Fairly ( TCF ) strategy contains the following goals: To offer our customers security and opportunities for growth; To drive new standards and behaviours in the management of closed book / run-off businesses; To deliver the behaviour which a properly informed and prudent customer is reasonably entitled to expect of us; and to deal with all our customers honestly, openly, competently and with integrity; To have an informed understanding of our customers needs; To be committed to helping our customers get the most out of their relationship with us. Customers remain at the heart of what we do and providing a fair and helpful service is very important to us. We understand that complaints will sometimes happen; and when they do, we aim to rectify them as quickly as possible. If a customer does need to complain, we believe it is important to take ownership of the issue and that during the investigation our customers are kept informed and assured that we are taking steps to fix the problem. The average transfer time for pension to pension and pension to annuity is currently under 11 days against industry guidelines of 12 days or below (FY15 figure). We publish our complaints results on our Group website. The latest report can be viewed at: 6
7 OUR PEOPLE The Group has been voted one of the UK s Top Employers for the past five years, which is a certification awarded only to organisations that meet the highest standards in Human Resources policy benchmarking. Companies awarded this accreditation are independently recognised as being amongst the best companies to work for in the UK. The Group employs a diverse workforce as evidenced by the percentage of ethnic minority employees compared to our peers, and relatively high numbers of female employees compared to the financial services sector as a whole. The Group recognises the importance of continued staff development and manages a range of external and in-house training programmes, ranging from induction, through to coaching and leadership skills. Voluntary staff turnover and absence rates compare very favourably with industry benchmarks. Total staff across all sites 741* Workforce that is of Black, Asian or Minority Ethnic 15.5%* Staff Turnover (employees choosing to leave voluntarily) 6.1%* Percentage of days lost through sickness 1.4%* Percentage of employees sponsored on a professional qualification 16%* *All 2015 figures PHOENIX IN THE COMMUNITY During the year, 168, was donated to Midlands Air Ambulance Charity and London s Air Ambulance, a significant amount through extreme fundraising challenges. In total 402, has been donated to the Air Ambulance charities since the partnership began in April , was donated to other charities the Group supported during the year, for example Mind, Shelter, SIFA Fireside in Birmingham and the Gurkha Charity Tamu Samaj UK following the earthquake disaster in Nepal. 13, was donated through the staff-matched fundraising scheme, for causes supported by employees and their families. These include various schools and scouting groups that staff volunteer their time to outside of working hours. The Group s community programme focuses on making a difference in the communities in which the Group s core sites are based. 46, was donated to various community initiatives during the year. CONTACT DETAILS Shellie Wells Head of Corporate Communications Direct line: +44(0) Mobile: +44(0) shellie.wells@thephoenixgroup.com 7
OPPORTUNITIES FOR GROWTH
OPPORTUNITIES FOR GROWTH PHOENIX GROUP HOLDINGS ABOUT US Phoenix Group is the largest UK consolidator of closed life assurance funds, with assets under management of 76 billion, and more than six million
More informationO P E N. to finding innovative ways to deliver value
O P E N to finding innovative ways to deliver value Phoenix Group Holdings Annual Report and Accounts key performance indicators 225m Operating companies cash generation 324m IFRS operating profit 2,513m
More informationPHOENIX GROUP DELIVERS STRONG FULL YEAR FINANCIAL PERFORMANCE
18 March 2015 PHOENIX GROUP DELIVERS STRONG FULL YEAR FINANCIAL PERFORMANCE Phoenix Group, the UK s largest specialist closed life fund consolidator, today announces a strong set of results for the year
More informationPhoenix Group announces its with-profits bonus rates for 2017/2018
Phoenix Group announces its with-profits bonus rates for 2017/2018 Estate distribution continues to uplift maturity values on most of our funds Three in four (75%) of our policies are now receiving an
More informationPhoenix Group announces its with-profits bonus rates for 2016/2017
Phoenix Group announces its with-profits bonus rates for 2016/2017 Estate distribution continues to uplift maturity values on most of our funds Almost eight in ten (78%) of our policies are now receiving
More informationPhoenix Group announces its with-profits bonus rates for 2015/2016
Phoenix Group announces its with-profits bonus rates for 2015/2016 Estate distribution continues to uplift maturity values on most of our funds Almost eight in ten (77%) of our policies are now receiving
More informationI N T E R I M R E. for the half year ended 30 June 2016
I N T E R I M R E P O R T for the half year e Phoenix Group Holdings Interim Report PHOENIX GROUP AT A GLANCE Phoenix is the UK s largest specialist closed life and pension fund consolidator, looking after
More informationThe specialist closed life business. Half year update. 24 September 2009
The specialist closed life business Half year update 24 September 2009 0 Disclaimer This half year update in relation to Pearl Group and its subsidiaries (the Group ) contains forward looking statements
More informationHalf Year Results. 27 August 2010
Half Year Results 27 August 2010 Agenda Introduction - Ron Sandler, Chairman Business review - Jonathan Moss, Group Chief Executive Financial results - Jonathan Yates, Group Finance Director Summary -
More informationPHOENIX LIFE ASSURANCE LIMITED PEARL WITH-PROFITS FUND
PHOENIX LIFE ASSURANCE LIMITED PEARL WITH-PROFITS FUND Unitised with-profits policies With-profits policy performance your questions answered PLAL_Pearl_UWP_01/18 January 2018 With-profits policy performance
More informationSTRONG CASH GENERATION FROM UK S LARGEST CLOSED LIFE CONSOLIDATOR
Phoenix Group Holdings Audited Results for the year ended 31 December 2009 STRONG CASH GENERATION FROM UK S LARGEST CLOSED LIFE CONSOLIDATOR Financial Highlights Holding company cash inflows 716m 1, 2
More informationPHOENIX LIFE LIMITED PHOENIX WITH-PROFITS FUND
PHOENIX LIFE LIMITED PHOENIX WITH-PROFITS FUND unitised with-profits pension Profit Plus Fund policies With-profits policy performance your questions answered QA-PWP-ppf_01/19 January 2019 With-profits
More informationFor pension Phoenix Life Limited. Principles and Practices of Financial Management
For pension 3.1.411.4.2 Phoenix Life Limited Principles and Practices of Financial Management January 2018 Phoenix Life Limited Principles and Practices of Financial Management Introduction and Background
More informationPEARL GROUP STAFF PENSION SCHEME YOUR PENSION MATTERS
PEARL GROUP STAFF PENSION SCHEME YOUR PENSION MATTERS THE TRUSTEES' REPORT TO MEMBERS FEBRUARY 2017 WELCOME It is a pleasure to present this issue of Your Pension Matters, the annual newsletter for members
More informationPhoenix Group. Fixed Income investor lunch. 2 October 2017
Phoenix Group Fixed Income investor lunch 2 October 2017 1 Agenda Business overview and financial highlights Jim McConville Group Finance Director Debt and corporate structure Rashmin Shah Group Treasurer
More informationCoventry Building Society has today announced its results for the year ended 31 December Highlights include:
26 February 2016 COVENTRY BUILDING SOCIETY REPORTS STRONG RESULTS Coventry Building Society has today announced its results for the year ended 31 December 2015. Highlights include: Robust financial performance
More informationCOVENTRY BUILDING SOCIETY REPORTS ROBUST FINANCIAL RESULTS
1 March 2019 COVENTRY BUILDING SOCIETY REPORTS ROBUST FINANCIAL RESULTS Coventry Building Society has today announced its results for the year ended 31 December 2018. Highlights include: Strong growth
More informationCash Resilience Growth. A Sustainable Phoenix. Full Year Results March 2019
Cash Resilience Growth A Sustainable Phoenix Full Year Results 2018 5 March 2019 1 Agenda Introduction Nicholas Lyons Chairman Business update Clive Bannister Group Chief Executive Financial review Jim
More informationPHOENIX LIFE LIMITED SCOTTISH MUTUAL WITH-PROFITS FUND
PHOENIX LIFE LIMITED SCOTTISH MUTUAL WITH-PROFITS FUND Traditional with-profits endowments, traditional whole of life and traditional pension policies With-profits policy performance your questions answered
More informationPrinciples and Practices of Financial Management
Guardian Assurance With-Profits Fund Principles and Practices of Financial Management REPORT TO POLICYHOLDERS ON COMPLIANCE DURING 2017 Contents 1. Introduction 2. Guardian Assurance With-Profits Fund
More informationA GUIDE TO HOW WE MANAGE THE PLAL WITH-PROFITS SUB-FUND
A GUIDE TO HOW WE MANAGE THE PLAL WITH-PROFITS SUB-FUND CONTENTS Page 1 Useful terms 2 2 Principles and Practices of Financial Management 3 3 What is a unitised with profits policy? 3 4 How do you decide
More informationN IX GROUP H O LDINGS
Interim Report 2018 PHOENIX IS THE LARGEST UK CONSOLIDATOR OF CLOSED LIFE ASSURANCE FUNDS. Financial highlights OPERATING COMPANIES CASH GENERATION OPERATING PROFIT OVERVIEW Group Chief Executive Officer
More informationA guide to how we manage the PLAL With-Profits Sub-fund
A guide to how we manage the PLAL With-Profits Sub-fund About this guide This guide tells you: how we manage our with profits fund how our with profits policies work, and what benefits policyholders can
More informationPhoenix Life Assurance Limited. Principles and Practices of Financial Management
6.3 Phoenix Life Assurance Limited Phoenix Life Assurance Limited Principles and Practices of Financial Management January 2018 Phoenix Life Assurance Limited Principles and Practices of Financial Management
More informationPHOENIX LIFE LIMITED ALBA WITH-PROFITS FUND
PHOENIX LIFE LIMITED ALBA WITH-PROFITS FUND Traditional with-profits endowments, traditional whole of life and traditional pension policies With-profits policy performance your questions answered January
More informationSOLVENCY AND FINANCIAL CONDITION REPORT
SOLVENCY AND FINANCIAL CONDITION REPORT PA (GI) Limited For the year ended 31 December 2016 CONTENTS Summary 01 Directors responsibility statement 03 Auditor s report 04 Section A 07 Business and performance
More informationPrinciples and Practices of Financial Management
Guardian Assurance With-Profits Fund Principles and Practices of Financial Management REPORT TO POLICYHOLDERS ON COMPLIANCE DURING 2016 Contents 1. Introduction 2. Guardian Assurance With-Profits Fund
More informationLloyds TSB Group plc. Results for half-year to 30 June 2007
Lloyds TSB Group plc Results for half-year to 2007 CONTENTS Page Key operating highlights 1 Summary of results 2 Profit analysis by division 3 Group Chief Executive s statement 4 Group Finance Director
More informationAFM NED Conference Solvency II Business as Usual. Steve Dixon of SDA llp
AFM NED Conference Solvency II Business as Usual Steve Dixon of SDA llp What am I going to talk about Solvency II What are the key components and how do they fit together Risk, capital, pricing, management
More informationSolvency and Financial Condition Report 20I6
Solvency and Financial Condition Report 20I6 Contents Contents... 2 Director s Statement... 4 Report of the External Independent Auditor... 5 Summary... 9 Company Information... 9 Purpose of the Solvency
More informationPRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM)
PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM) Royal London Long Term Fund Excluding The Closed Funds December 2017-1 - Principles and Practices of Financial Management Royal London Long Term
More informationWith-profits summary. 1. Introduction. Aims of this summary
With-profits summary On 31 December 2015 business from other insurance company subsidiaries of Lloyds Banking Group was transferred into Clerical Medical Investment Group Limited, which contains the Clerical
More informationPHOENIX LIFE ASSURANCE LIMITED NATIONAL PROVIDENT LIFE WITH- PROFITS FUND
PHOENIX LIFE ASSURANCE LIMITED NATIONAL PROVIDENT LIFE WITH- PROFITS FUND Traditional with-profits endowments and traditional whole of life policies With-profits policy performance your questions answered
More informationPhoenix Life Limited Britannic With-Profits Fund
Phoenix Life Limited Britannic With-Profits Fund Annual report to with-profits policyholders by the Board of Phoenix Life Limited for the period 1 January 2017 to 31 December 2017 Report to policyholders
More informationBAILLIE GIFFORD. Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2018
BAILLIE GIFFORD Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2018 Contents Introduction and Context 3 Purpose of Disclosures Scope Basis of Preparation Governance Arrangements
More informationCoventry Building Society has today announced its results for the year ended 31 December Highlights include:
23 February 2018 COVENTRY BUILDING SOCIETY REPORTS STRONG RESULTS Coventry Building Society has today announced its results for the year ended 31 December 2017. Highlights include: Strong growth in mortgages:
More informationGuide to With Profits Bonds
Guide to With Profits Bonds t r u s t e d c l e a r i n f o r m e d Guide to With Profits Bonds Introducing With Profits Bonds Back in the 1990s, With Profits Bonds were a hugely popular way of investing
More informationReport to Clerical Medical UK With-Profits Policyholders. Report on Principles and Practices of Financial Management (PPFM) for 2017
Report to Clerical Medical UK With-Profits Policyholders Report on Principles and Practices of Financial Management (PPFM) for 2017 Report on Principles and Practices of Financial Management (PPFM) for
More informationLloyds TSB Group plc. Results for the half-year to 30 June 2004
Lloyds TSB Group plc Results for the half-year to 30 June 2004 PRESENTATION OF RESULTS In order to provide a clearer representation of the underlying performance of the Group, the results of the Group
More informationREPORT TO SCOTTISH WIDOWS WITH-PROFITS POLICYHOLDERS
REPORT TO SCOTTISH WIDOWS WITH-PROFITS POLICYHOLDERS REPORT ON PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM) FOR 2017 THIS ANNUAL REPORT TELLS YOU HOW WE HAVE MANAGED THE SCOTTISH WIDOWS WITH-PROFITS
More informationSolvency and financial condition report Standard Life Assurance Limited
Solvency and financial condition report 2017 Standard Life Assurance Limited Contents Summary 2 A Business and performance 8 A.1 Business 8 A.2 Underwriting performance 10 A.3 Investment performance 12
More informationPHOENIX LIFE LIMITED SPI WITH-PROFITS FUND
PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND Simplified Pension Investment deposit administration policies With-profits policy performance your questions answered January 2018 With-profits policy performance
More informationDervla Tomlin FSAI. Appointed Actuary
Report by the Appointed Actuary of Irish Life Assurance plc on the proposed transfer of life assurance business from Canada Life Assurance (Ireland) Limited Dervla Tomlin FSAI Appointed Actuary 18 July
More informationSOLVENCY AND FINANCIAL CONDITION REPORT AND QUANTITIATIVE REPORTING TEMPLATES Financial Year 2017
SOLVENCY AND FINANCIAL CONDITION REPORT AND QUANTITIATIVE REPORTING TEMPLATES Financial Year 2017 The Original Holloway Friendly Society Limited Reporting for the year ended 31 December 2017 CONTENTS SOLVENCY
More informationContents. Introduction. Mission, vision and values. Strategic objectives. Key Performance Indicators. Financial strategy. Five year financial forecast
Business Plan Look Ahead Business Plan 2017 Contents Introduction 3 Mission, vision and values 4 Strategic objectives 5 Key Performance Indicators 6 Financial strategy 7 Five year financial forecast 8
More information157% Prudential International. Cover for Solvency Capital Requirement (SCR):
Prudential International Prudential International benefits from the financial and investment strength provided by the Prudential Group and provides financial solutions to customers who want to combine
More informationRemuneration report Chairman of Remuneration Committee s introduction
76 Remuneration report Chairman of Remuneration Committee s introduction Our remuneration policy s primary objective is to ensure we are able to attract, retain and motivate key executives to deliver strong
More informationWhole sector estimates. NMDS-SC coverage
A summary of the adult social care sector and workforce in the London and South East:,, Care for people with learning disabilities and/or autism Introduction This report provides a summary of the learning
More informationST. JAMES S PLACE PLC
ST. JAMES S PLACE PLC HALF YEAR REPORT 2009 St. James s Place plc Contents 2 Summary Half Year Results 3 St. James s Place Wealth Management New Business Figures Interim Management Report 7 Interim Statement
More informationScotland Excel Annual Financial Statements 2015/16
Annual Financial Statements 2015/16 CONTENTS Management Commentary 3 Statement of Responsibilities for the Annual Accounts 8 Governance Statement 9 Remuneration Report 12 Independent Auditor s Report 15
More informationHOW WE MANAGE THE PHOENIX LIFE LIMITED SAL WITH-PROFITS FUND
HOW WE MANAGE THE PHOENIX LIFE LIMITED SAL WITH-PROFITS FUND A guide for policyholders with unitised with-profits policies (except for Profit Plus Fund policies) invested in this fund The aims of this
More information2011 AGM SHAREHOLDERS QUESTIONS & COMMENTS
IAG encouraged shareholders to ask questions of, or make comments to, the board and management in advance of the 2011 Annual General Meeting (AGM), via a form included with the 2011 Notice of Meeting.
More information271.2m 262.5m 3 operations) Adjusted basic earnings per share (continuing
Close Brothers Group plc T +44 (0)20 7655 3100 10 Crown Place E enquiries@closebrothers.com London EC2A 4FT W www.closebrothers.com Press Release Preliminary results for the year ended 31 July 2018 25
More informationBERMUDA MONETARY AUTHORITY THE INSURANCE CODE OF CONDUCT FEBRUARY 2010
Table of Contents 0. Introduction..2 1. Preliminary...3 2. Proportionality principle...3 3. Corporate governance...4 4. Risk management..9 5. Governance mechanism..17 6. Outsourcing...21 7. Market discipline
More informationLloyds TSB Group plc Results
Lloyds TSB Group plc 2004 Results PRESENTATION OF RESULTS In order to provide a clearer representation of the underlying performance of the Group, the results of the Group s life and pensions and general
More informationSupervisory Statement SS5/16 Corporate governance: Board responsibilities. July 2018 (Updating March 2016)
Supervisory Statement SS5/16 Corporate governance: Board responsibilities July 2018 (Updating March 2016) Supervisory Statement SS5/16 Corporate governance: Board responsibilities July 2018 (Updating March
More informationPHOENIX LIFE ASSURANCE LIMITED SERP FUND WITH-PROFITS SELF EMPLOYED RETIREMENT PLANS
With-profits policy performance your questions answered January 2017 PHOENIX LIFE ASSURANCE LIMITED SERP FUND WITH-PROFITS SELF EMPLOYED RETIREMENT PLANS The aim of this leaflet is to provide answers to
More informationBAILLIE GIFFORD. Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2017
BAILLIE GIFFORD Governance, Risk Management and Capital Disclosures ( Pillar 3 ) June 2017 Contents Introduction and Context 3 Purpose of Disclosures Scope Basis of Preparation Governance Arrangements
More informationWorking Capital Strategies to Drive Shareholder Value
Working Capital Strategies to Drive Shareholder Value Working Capital Strategies to Drive Shareholder Value By Ian Fleming, Managing Director, Working Capital Advisory, HSBC The value of working capital
More informationReporting criteria for Corporate Responsibility key performance indicators for the year 2015
Reporting criteria for Corporate Responsibility key performance indicators for the year 2015 Introduction This Corporate Responsibility (CR) Reporting Criteria document sets out the principles, criteria
More informationDisclosure of Board and Management Matters
Disclosure of Board and Management Matters An Exploratory Study on Charity Governance in Singapore isabel sim HOE SIU LOON BOOKLET 3 A Project by the Centre for Social Development Asia November 2017 TABLE
More informationRemuneration outcomes reflect progress in delivering sustainable performance improvements
Corporate Governance Directors Remuneration Report Remuneration outcomes reflect progress in delivering sustainable performance improvements Corporate Governance 8 March 2019. In considering the performance
More informationYour Guide to the Lloyds/TSB take-over of Scottish Widows.
Your Guide to the Lloyds/TSB take-over of Scottish Widows. How to ensure you secure your Windfall, find out if you are likely to benefit and how much you could receive. 1 Your Free Guide to the Lloyds/TSB
More informationPrudential Sourcebook for Insurers. Chapter 1. Capital resources requirements and technical provisions for insurance business
Prudential Sourcebook for Insurers Chapter Capital resources provisions for insurance business INSPU : Capital resources Section. : Application. Application.. INSPU. applies to an insurer unless it is:
More informationPhoenix Life Limited NPI With-Profits Fund
Phoenix Life Limited NPI With-Profits Fund Annual report to with-profits policyholders by the Board of Phoenix Life Limited for the period 1 January 2017 to 31 December 2017 Report to policyholders 2017
More informationThe price of 720 pence per share in cash is excellent value for Resolution Shareholders and represents:
Not for release, publication or distribution in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction 16 November 2007 RECOMMENDED ACQUISITION of
More informationScottish Friendly Assurance Society Ltd. Principles and Practices of Financial Management for Conventional With Profits Business
Scottish Friendly Assurance Society Ltd Principles and Practices of Financial Management for Conventional With Profits Business CONTENTS 1. Introduction 2 2. With-Profits Policies.. 4 3. Overriding Principles...5
More informationSUMMARY FINANCIAL STATEMENT
SUMMARY FINANCIAL STATEMENT 2013 Summary Financial Statement 2013 The directors are pleased to present the Summary Financial Statement for the year ended 31 December 2013. Summary Directors Report Prescribed
More informationANNUAL PLAN 2018/19. WEL Energy Trust
ANNUAL PLAN 2018/19 WEL Energy Trust This report presents an overview of the Trust s objectives, intentions and expected outcomes over the next 12 months within the framework of the 2017-21 Strategic Plan.
More informationManaging charity assets and resources
Managing charity assets and resources March 2011 Contents 1. Introduction 2 2. Financial management 4 3. Investing charitable funds 5 4. Identifying and managing risk 6 5. Sound internal financial controls
More informationNews Release Aviva plc
News Release Interim management statement for the three months to 31 March First Quarter Cash flow Operating capital generation stable at 0.5 billion (: 0.5 billion) Continued focus on improving remittance
More informationWhich? Mid Year Review From 1 July to 31 December 2015
Which? Mid Year Review From 1 July to 31 December 2015 Section one Introduction from the Chair Tim Gardam Chair This mid year review, designed to update our annual report, describes recent developments
More informationPRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT ROYAL LONDON LONG TERM FUND REPORT TO WITH PROFITS POLICYHOLDERS ON COMPLIANCE FOR 2014
PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT LONG TERM FUND (EXCLUDING THE CLOSED FUNDS ) REPORT TO WITH PROFITS POLICYHOLDERS ON COMPLIANCE FOR 2014 MAY 2015 PAGE 1 Contents 1. INTRODUCTION... 3 2.
More informationStrategic Report Risk and risk management ENGINEERING SUSTAINABLE VALUE BY MANAGING RISK
Strategic Report Risk and risk management ENGINEERING SUSTAINABLE VALUE BY MANAGING RISK In 2016 we undertook a risk appetite assessment and in 2017 we will be reviewing the structure of our internal audit
More information1 September The SPI Fund of Scottish Provident Limited. Principles and Practices of Financial Management. Version 5-1 September 2006
The SPI Fund of Scottish Provident Limited Principles and Practices of Financial Management Version 5-1 September 2006 Page 1 of 52 Contents Glossary Introduction, structure and overriding principles Section
More informationMutually Yours, December 2018
Mutually Yours, December 2018 This issue includes articles on: Communication from the AFM C-Suite An overview of new developments from AFM Our newest Associate Member News from our Members Events and training
More informationFY2016/ /19 Statement of Corporate Intent
C.24 FY2016/17 2018/19 Statement of Corporate Intent Meteorological Service of New Zealand Ltd FY2017 19 Statement of Corporate Intent 2 CONTENTS Introduction 3 Background 3 Nature and Scope of Activities
More informationReport by the Chief Actuary of The Royal London Mutual Insurance Society Limited
The proposed Insurance Business Transfer Scheme relating to the transfer of business from The Royal London Mutual Insurance Society Limited to Royal London DAC Report by the Chief Actuary of The Royal
More informationPhoenix Life Limited Scottish Mutual With-Profits Fund
Phoenix Life Limited Scottish Mutual With-Profits Fund Annual report to with-profits policyholders by the Board of Phoenix Life Limited for the period 1 January 2015 to 31 December 2015 Report to policyholders
More informationA word from our Chief Executive, Alan Rubenstein
Member Focus Our annual look at the performance of the Pension Protection Fund December 2014 A word from our Chief Executive, Alan Rubenstein It s been another year of growth for the PPF. We grew not only
More information2017 Gender pay gap report
2017 Gender pay gap report Published March 2018 Gender pay gap report Why are we reporting on our gender pay gap? At BTP, we employ more than 4,700 police officers and police staff. Under the Equality
More informationAGM report for shareholders 2002
AGM report for shareholders 2002 AGM report Around 460 shareholders attended BT Group s Annual General Meeting (AGM) held at the Edinburgh International Conference Centre on Wednesday, 17 July 2002. Record
More informationStrengthening individual accountability in insurance: SIMR, conduct rules and approved persons
UPDATE: November 2015 Strengthening individual accountability in insurance: SIMR, conduct rules and approved persons Summary The PRA and FCA have published a number of policy statements and consultation
More informationGuardian Assurance With Profits Fund
ReAssure Limited Guardian Assurance With Profits Fund Consumer-Friendly Principles and Practices of Financial Management 30 June 2018 This guide is for you if you have one of the following With Profits
More informationPRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT FOR WITH PROFITS BUSINESS ROYAL LONDON (CIS) SUB-FUND
PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT FOR WITH PROFITS BUSINESS (CIS) SUB-FUND REPORT TO WITH PROFITS POLICYHOLDERS ON COMPLIANCE FOR 2016 JUNE 2017 PAGE 1 CONTENTS 1. INTRODUCTION... 3 2. GOVERNANCE...
More informationSOLVENCY AND FINANCIAL CONDITION REPORT
SOLVENCY AND FINANCIAL CONDITION REPORT Phoenix Life Assurance Limited For the year ended 31 December 2016 CONTENTS Summary 01 Directors responsibility rtatement 06 Auditor s report 07 Section A 10 Business
More informationMid-Year Review
Mid-Year Review 2014-15 Update on Strategy and Financial Projections Wheatley group Contents 02 03 04 05 05 06 07 10 12 Investing in our future Strong performance Meeting customers needs Platform for growth
More informationFULCRUM UTILITY SERVICES LIMITED ANNUAL REPORT AND ACCOUNTS 2018
FULCRUM UTILITY SERVICES LIMITED ANNUAL REPORT AND ACCOUNTS CONNECTING THE NATION Fulcrum is the UK s market leading independent multi utility infrastructure and services provider and is committed to achieving
More informationMergers and closures. Guidance for charities on merging or closing their charity
Mergers and closures Guidance for charities on merging or closing their charity The Charity Commission for Northern Ireland The Charity Commission for Northern Ireland is the regulator of charities in
More informationOCEAN PARK CONSERVATION FOUNDATION, HONG KONG
OCEAN PARK CONSERVATION FOUNDATION, HONG KONG CODE OF GOVERNANCE Prepared: Mar 2012 Revised: Jun 2013 Page 1 of 22 OCEAN PARK CONSERVATION FOUNDATION, HONG KONG The Ocean Park Conservation Foundation ("OPCF")
More informationP a g e 1 FINANCE SECTOR CODE OF CORPORATE GOVERNANCE
P a g e 1 FINANCE SECTOR CODE OF CORPORATE GOVERNANCE Amended February 2016 P a g e 2 CONTENTS Page Introduction 5 Principles and Guidance 1. THE BOARD 8 Companies should be headed by an effective Board
More informationInvestment Management Services for Financial Advisers
Working in partnership with Investment Management Services for Financial Advisers In partnership with Vision. So you can focus on your clients. Our job is to offer you, as a client or potential client,
More informationTaking the Pulse of the Small Charity Sector. December 2015 to February 2016 March to May th Edition
Taking the Pulse of the Small Charity Sector December 2015 to February 2016 March to May 2016 12th Edition Background of Respondents Geographical spread East 7% London 3 Scotland Midlands(E&W) 8% North(NE
More informationPRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM) The RLCIS OB & IB Fund
PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM) The RLCIS OB & IB Fund 31 December 2016 Contents Section A A1. Introduction A2. What are the principles and practices of financial management? A3.
More informationSolvency and Financial Condition Report 20I7
Solvency and Financial Condition Report 20I7 Contents Contents... 2 Director s Statement... 4 Report of the External Independent Auditor... 5 Summary... 9 Company Information... 9 Purpose of the Solvency
More informationD.17 STATEMENT OF CORPORATE INTENT CONNECTING NEW ZEALAND SCI
D.17 STATEMENT OF CORPORATE INTENT CONNECTING NEW ZEALAND SCI 20 15 16 TABLE OF CONTENTS 1. ROLE AND OBJECTIVES... 3 1.1 Transpower s Role... 3 1.2 Transpower s Objectives... 3 2. TRANSPOWER S STRATEGY
More informationRemuneration Committee annual statement. Role of the Remuneration Committee
Remuneration Committee annual statement The Committee continues to place the interests of shareholders at the forefront of its decision-making with regards to remuneration policy implementation. Role of
More informationIAG announces FY18 results 15 August 2018
Financial indicators FY17 FY18 Change GWP ($m) 11,439 11,647 1.8% Insurance profit ($m) 1,270 1,407 10.8% Underlying margin (%) 12.4 14.1 170bps Reported margin (%) 15.5 18.3 280bps Shareholders funds
More informationSECTION A SECTION B. PERFORMANCE 16 Chief Executive s Review 23 Financial Review 35 Financial Management 39 Risk Management 42 Focus on Solvency II
SECTION A OVERVIEW AND STRATEGY 05 Performance Highlights 06 Chairman s Statement 09 Our Vision & Strategy 10 Strategic Objectives 13 The Chesnara Business 14 Business Model SECTION B PERFORMANCE 16 Chief
More information2017 RESULTS News Release
News Release BASIS OF PRESENTATION This release covers the results of Lloyds Banking Group plc together with its subsidiaries (the Group) for the year ended 31 December 2017. Statutory basis: Audited statutory
More information