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Royal London Annual Report and Accounts 2020

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Mutually responsible Annual Report and Accounts for the year ended 31 December 2020 The Royal London Mutual Insurance Society Limited Registered Number 99064 Contents Strategic report Corporate governance 06 Our Purpose 70 Governance overview 08 Group overview and 2020 highlights 71 Board of directors 10 Chairman’s statement 74 Group Executive Committee 12 Group Chief Executive’s review 75 Corporate governance statement 14 Covid-19: Our response 83 Board Committee reports 16 Our business model: creating value 102 Directors’ remuneration report for stakeholders 121 Overview of directors’ responsibilities 18 Measuring our performance for the year ended 31 December 2020 20 The world we live in 22 Our strategy Financial statements 25 Our social impact 126 Report on the audit of the 29 Section 172 statement financial statements 30 Engaging with our stakeholders 136 Financial statements and notes 38 Responsible investment and stewardship 40 Climate change Other information 44 Non-financial information statement 224 Glossary 45 Business review 228 2021 financial calendar, registered 52 Financial review office and contact offices information 58 Risk overview 61 Principal risks and uncertainties 66 Longer-term viability statement 2 Royal London Group Annual Report and Accounts 2020 We are Royal London and we are proud to be a mutual. Founded in 1861, we are the UK’s largest mutual life, pensions and investment company. Driven by our Purpose At Royal London, we have reframed Protecting today, investing in tomorrow. our Purpose and strategy to respond Together we are mutually responsible. to the changes being experienced by our members and customers Customer-focused and those who advise them. This has Being an insight-led modern mutual proved even more important during with a focus on customer service means the events of 2020, when the Covid-19 we can give members and customers pandemic affected us all and presented that little bit more, and you can trust us a challenging financial environment. to be there for you when it counts. Read more about our Purpose on pages 6 and 7 Royal London Group Annual Report and Accounts 2020 3 Strategic report Our Purpose Protecting today, investing in tomorrow. Together we are mutually responsible. Ever since we began our business in a London coffee shop in 1861, we have been helping people to help themselves; we innovate and focus on ambitious commitments to make a positive impact in society. Our Purpose is a reflection of why we exist based on who we are, who we wish to be and the role we fulfil in society. Our Purpose helps us to think about what is most important when we make decisions and focus on doing the right thing in the face of increasing uncertainty, complexity and choice. 6 Royal London Group Annual Report and Accounts 2020 Strategic report Corporate governance Financial statements Other information What our Purpose means ‘Protecting today’ goes beyond insurance policies We are responsible guardians of what our members and customers have entrusted us with and we are here to support them today, even in the most uncertain times. ‘Investing in tomorrow’ means making decisions today that consider all our futures We help our members and customers prepare for their future and we make investment decisions to help create a world we all want to live in. We ensure that our business is sustainable. At the heart of our Purpose is the concept of being mutually responsible We share responsibility with others including members, customers, advisers and industry bodies for customers’ financial well-being. We all have a role to play and we can achieve more when we work together. For more information about how we defined our Purpose, see engaging with our stakeholders on pages 30 to 37 Royal London Group Annual Report and Accounts 2020 7 Group overview We are the UK’s largest mutual life, pensions and investment company. We provide pensions, protection and wealth management products and services in the UK, and protection in Ireland. We work with advisers and customers to deliver long-term Royal London is a mutual company, meaning growth, income and protection. many of our customers are also members. As members, they are really important to us because they own the business. We are committed to giving higher Our structure and products levels of service and great experiences, and making sure The divisions we operated in 2020 and the products they provide members’ voices are briefly explained below. From 2021, we will simplify the way are heard. we organise ourselves internally and we will have three business divisions: UK, Ireland and Asset Management. Intermediary Consumer Distributes savings and protection products through Sells life insurance, investment and retirement products independent financial advisers. This includes individual and directly to consumers who do not want or cannot afford workplace pensions and, at retirement, our income drawdown financial advice. Products include over-50s life assurance, and income release products. Protection products include life term insurance and funeral plans. cover, critical illness and income protection plans. Total policies Total policies 560,024 2,712,379 (2019: 486,216) (2019: 2,525,098) Asset Management Legacy Manages investments for a wide range of Royal London Serves long-standing customers, many of whom do not have customers with life or pension policies. We also look after access to financial advice, and helps them manage their money. investments from clients recommended by independent Legacy provides protection, life and pension policies, along with financial advisers and wealth managers, as well as for pension annuities and tax-efficient savings plans including ISAs. funds, local authorities and charities. Total policies Assets under management 5,571,718 £148bn (2019: 5,621,868) (2019: £139bn) Read more about the performance of each of our divisions in the business review on pages 45 to 51 8 Royal London Group Annual Report and Accounts 2020 Highlights 2020 Strategic report Corporate governance Financial statements Other information Financial highlights Operational highlights Operating profit before tax1 Total number Total number of members of policies held1 £41m (2019: £165m) 1.7m 8.8m (2019: 1.6m) (2019: 8.6m) Assets under management Employee engagement score £148bn (2019: £139bn) 81% (2019: 83%) Profit before tax1 Net Promoter Score £131m (2019: £414m) 63% (2019: 63%) Group Solvency II capital cover ratio (Investor View)2 Total charitable contributions in the UK and Ireland during 2020 190% (2019: 219%) £1.1m 1 Royal London changed its statutory reporting basis to UK GAAP with effect Donations made to local communities impacted by from 1 January 2020; more detail can be found in the Financial review. Covid-19, to our strategic partnerships and to support 2 The Group changed the Investor View capital metric to equal the Royal London Main Fund capital position, which excludes the ring-fenced funds’ (closed funds) our colleagues’ fundraising. capital position. 2020 capital figures are estimated. Growth in the value of assets in our sustainable funds 128% Read more about our key performance indicators (KPIs) (2019: 80%) in Measuring our performance on pages 18 and 19, and 1 There are 149,917 general insurance policies where Royal London acts as an see page 220 for details on our alternative performance intermediary via a subsidiary company and 14,546 policies as part of a discretionary measures (APMs) healthcare scheme via a subsidiary company that are not included in these numbers. Royal London Group Annual Report and Accounts 2020 9 Chairman’s statement The dedication of our colleagues has been outstanding in 2020. Their engagement with and support for our customers has been exemplary and the Board is extremely grateful for their flexibility and professionalism in the face of adversity. Covid-19 and stakeholders Royal London successfully transitioned to 98% of our colleagues working from home during the lockdowns of 2020, which enabled us to continue to provide our normal high level of service to customers. Throughout these lockdowns and continued working from home we have maintained high levels of engagement with our colleagues, evidenced by ongoing surveys confirming colleague well-being was front of mind. Our colleagues’ professionalism meant that we stayed open for business without needing to ask customers to delay interactions with us. We have sadly paid out claims to the families of more than 2,100 customers as a result of deaths attributable to the Covid-19 pandemic and continue to support our customers through difficulties. As a mutual, we put customers first. What is in the best interests of our customers is normally in the best interests of their We transitioned communities and society, and we work with other important to 98% of our colleagues stakeholders to tackle big social issues. Both pension and protection products allow people to take control working from home of their circumstances, prepare them for the unexpected and provide peace of mind. This has been emphasised by the uncertainty caused by the Covid-19 pandemic. Royal London during the first works to remove barriers that may lead to many people and families being underinsured or not insured at all. We believe that lockdown, which it is important to support people to build financial resilience with enabled us to continue affordable, accessible and reliable products. In 2020, we took a more strategic approach to our social impact to provide our normal activities, significantly increasing our strategic giving and directing all our social impact activities to drive change on our life shocks high level of service agenda. We have chosen Turn2us as our flagship charity partner. Their work is focused on financial resilience and helping people to customers to help themselves. Recognising the importance we place on protecting the most Kevin Parry OBE vulnerable and challenged members of society, we made total Chairman charitable contributions of £1.1m in the UK and Ireland, including £500,000 to the National Emergencies Trust in the UK, to our local charity partners and through our colleagues’ fundraising.
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