The Group provides a range of pension, investment and insurance products and services. Operating in a number of counties countries around the world, including the UK, Luxembourg, United Arab Emirates, Singapore, Hong Kong and the Isle of Man, the Group manages funds of over £115 billion on behalf of its customers.
The Company’s overall strategic aim focuses on:
- Creating a sustainable business that meets customers’ needs while also delivering cash and returns to shareholders.
- Cash emergence and maximising value for shareholders.
- Continuing its disciplined management of the existing book of business to deliver cash and capital synergies
- Writing profitable new business in its UK and International divisions.
The Group has three financial priorities:
- Maintaining a robust, low risk balance sheet
- Improving sustainable cash flow generation
- Writing profitable new business to ensure future cash flow generation.
In the UK, the Group has a selective new business focus on three core product areas (Corporate Benefits, Protection and Retirement Income), where the Group believes it has, and can sustain, competitive advantage and scale and thereby achieve appropriate returns.
In addition, through the Heritage division, the Group is focused on a disciplined approach to management of closed books of business.
The Group also completed a major strategic review of the International division which was set out in a detailed investor update in November 2012. As a result, Friends Provident International (“FPI”) will refocus on two core areas of serving Expatriates globally and affluent customers in selected markets, principally Hong Kong, Singapore and Dubai.
Lombard will continue its existing strategy with increasing focus on private bank distribution in Europe and explore opportunities for targeted expansion in Asia.